Deputy Prime Minister and Finance Minister Kim Dong-yeon has pledged to bolster job creation efforts and push for a minimum wage hike.
  
Kim made the remarks in an economy-related ministers' meeting on Thursday, revealing a government plan to increase the budget for job creation by some 12 percent next year.
  
He also said that the government will raise the minimum wage in order to increase workers’ earned income, which accounts for 70 percent of household earnings.
  
Kim noted that income distribution is expected to deteriorate for the sixth consecutive quarter since last year, indicating a serious structural problem facing the South Korean economy. He warned that sustainable economic growth cannot be guaranteed if the current situation goes unchecked.
 
The finance minister said more time is needed to deal with snowballing household debt, calling it a difficult issue that requires an extensive and long-term approach. 
 
The government in September plans to announce comprehensive measures to address household debt, which now amounts to nearly one-point-four quadrillion won.