SEOUL, South Korea (AP) — South Korea's new administration is shifting gears to achieve a fair and labor-friendly economy after decades of growth led by big businesses.

In a five-year economic plan released Tuesday, the finance ministry said South Korea will boost household incomes and fortify its social safety nets to address growing concerns about inequality by sharply increasing the minimal wage and unemployment benefits and imposing fines for unfair business practices, among other measures.

The plan also calls for improving transparency and governance at South Korea's family-controlled big businesses, or chaebol.

The ministry raised its growth forecast for Asia's fourth-largest economy to 3 percent from its earlier outlook of 2.6 percent, citing a recovery in exports and the government's stimulus plans.