New Finance Minister Hong Nam-ki has acknowledged the pace of the country's minimum wage hike was faster than market expectations and had impacted the employment picture of some vulnerable industries. 

Hong presented the assessment on a KBS news program on Monday and pledged to make needed changes to the minimum wage and the 52-hour workweek systems. 

However, he noted the minimum wage hike was not the sole reason for the slump in the job market, citing slow investment and delayed structural reforms as other contributing factors. 

Hong also stressed the government needs to speed up efforts to enhance the social safety net and increase low-income people's wages. He added he is in favor of lengthening the flexible overtime working hour system.