Finance Minister Kim Dong-yeon says that the government will swiftly produce measures to relieve small businesses of the burden from a raise of the minimum wage for next year.

The minister made the remarks on Sunday during a meeting with economy-related ministers in the wake of the Minimum Wage Commission's decision to raise the minimum wage for next year by 16-point-four percent to seven-thousand-530 won per hour.

Kim said that the hike will be a huge momentum for income-led growth as it will increase investment in human resources, but it could impose a heavy burden on small business owners and possibly undermine job creation.

In the meeting, the first of its kind since the launch of the Moon Jae-in government, the participants discussed comprehensive support measures for small business owners and self-employed people.