South Korea's top economic policymaker says the government will announce a draft of reforms to the minimum wage decision-making structure next week and finalize it within the month of January.

Finance Minister Hong Nam-ki said Friday that the reforms will revolve around separating the wage-setting committee from the decision-making committee.

He said that under the reform plan, the wage-setting committee will consist of only experts. However, the decision-making committee will be legally stipulated to include women, non-regular workers, youths, and representatives from small and mid-sized businesses.

Labor Minister Lee Jae-kap is expected to make the announcement, including the committee size and formation process, sometime next week.