South Korea's top economic policymaker has expressed concerns over the hike in the country's minimum wage for next year.

Following a meeting with Bank of Korea Governor Lee Ju-yeol Monday, Finance Minister Kim Dong-yeon told reporters that the double-digit percentage increase in the minimum wage for 2019 can be "burdensome for the economy" in the second half of this year as it could affect the job market. 

Last week, the Minimum Wage Council, consisting of representatives from labor, management and the general public, decided to raise the minimum wage for next year to eight-thousand-350 won per hour, up ten-point-nine percent from this year.

As for the council's proposal for the government to expand its job stability fund for employers from the current three trillion won, the finance minister said it would not be desirable to increase government intervention.

When asked about the BOK's downgrade in its growth outlook, Kim said while the economy has not deviated much from its growth potential trajectory, the government is paying keen attention to downside risks. Last week, the central bank lowered its gross domestic product forecast for the year by point-one percentage point to two-point-nine percent.