The proposal is intended to come into force at the beginning of the year, and also stipulates a drop in the Single Social Tax on companies by a percentage point.
Unions and parties to the far left have called for the minimum wage to be hiked to 600 euros, but bosses have argued the move would be severe on companies who currently have to pay no more than 530 euros a month to their lowest paid workers.
A final decision is hoped for shortly after Christmas.
This comes after the ruling Socialists joined the opposition PSD and CDS-PP parties to vote against a proposal from the Portuguese Communist Party (PCP) recommending that the government raise the National Minimum Wage to €600 per month as of January.
The Left Bloc, the PEV and the single member of the PAN party voted in favour of the measure.