South Korea's new Economy and Finance Minister Hong Nam-ki says the government will revise a formula on minimum wage hike to slow its pace. 

After his inauguration ceremony Tuesday, he said the government is responding to the concerns that the minimum wage has increased faster than the market’s expectation and increased burdens on business owners excessively. 

As part of the measures, he said, a formula concerning how much minimum wage is supposed to go up will be revised by the first quarter of next year, adding the government’s committee on minimum wage will create subcommittees to handle the assignments.