Finance Minister Kim Dong-yeon has implied that the government may be readjusting its initial goal on a minimum wage hike. 

In a press conference at the Busan Exhibition and Convention Center on Wednesday, Kim called for “flexible thinking” on the issue considering the impact of a minimum wage hike on the economy and the ability of the market and businesses to adapt to it. 

Kim made the remark in a response to a question about whether President Moon Jae-in’s pledge to raise the minimum wage to ten-thousand won by 2020 needs an “adjustment of pacing,” adding the government is currently analyzing the impact of a minimum wage hike on the economy. 

The government raised the minimum hourly salary by 16-point-four percent this year to seven-thousand-530 won from six-thousand-470 won last year. 

Meanwhile, the minister dismissed speculation that the economy is entering a phase of recession, saying the government is on track to meet a target of three percent annual growth.