Finance Minister Kim Dong-yeon says that the government is working to produce measures to support small shop owners and small firms who are facing difficulties with rising rental fees and the minimum wage hike.

The nation's top economic policymaker said during a meeting of chiefs of economy-related ministries on Wednesday  that the government is set to announce support measures including a cut in credit card commissions charged to small shops and a ceiling on rental fee hikes. 

Kim stressed that one of the most important government policies for this year is to successfully implement the minimum wage hike and provide related financial support for small businesses hit by the increase. 

Last July, the government decided to raise the minimum wage by 16 percent to seven-thousand-530 won for 2018, marking the biggest jump in nearly two decades.

He denied media reports that the government is reviewing a plan to introduce a higher property tax in March. He said the presidential office also plans to issue a denial and that the ruling party hasn't said anything specific on the matter.