A team from the International Monetary Fund(IMF) expressed concerns over the pace of minimum wage hikes in South Korea.

The Finance Ministry said their delegation led by Tarhan Feyzioglu, Korea mission chief at the IMF, expressed the concerns on Monday during a meeting with Finance Minister Hong Nam-ki as part of its annual meeting with South Korean policymakers.

Feyzioglu reportedly said the pace of the country's minimum wage hikes is rapid and urged Seoul to enhance "flexicurity" in the labor market. Flexicurity is a term coined in Denmark that combines labor market flexibility with job security for workers. 

The IMF team also called on South Korea to implement active fiscal and monetary policies to boost the country's growth potential.

The team is set to give a briefing in Seoul on Tuesday afternoon after wrapping up the annual official visit to South Korea.