Finance Minister Choo Kyung-ho has asked employers to refrain from excessive wage hikes that may further push up prices.

The minister made the call on Tuesday in a breakfast meeting with the leaders of the Korean Enterprises Federation(KEF), the business lobbying group.

KEF Chair Sohn Kyung-shik and 26 other business leaders attended the meeting.

The minister and the business leaders shared their assessments on economic conditions and discussed response measures by the government and businesses.

Minister Choo expressed particular concern about soaring inflation and significantly large wage increases in some conglomerates.

He noted that some IT companies and large firms are competitively raising wages at excessive levels in the name of securing talent, adding that these excessive wage hikes could accelerate inflation and aggravate social conflict.

Minister Choo also asked businesses to refrain from price increases, saying that competitive hikes of both prices and wages would lead to a vicious circle of inflation and wage hikes.