(Bloomberg) -- South Korean President Yoon Suk Yeol may replace as many as 10 of his ministers in a cabinet reshuffle expected as early as Monday, Yonhap reported, citing people familiar with the matter. 

Those likely to be affected include the ministers of finance, SMEs, agriculture and labor, with ex-senior presidential secretary for economic affairs Choi Sang-mok a top contender to take over from Finance Minister Choo Kyung-ho, Yonhap said. Industry Minister Bang Moon-kyu may also be replaced, given reports that he’s being encouraged to run for a seat in Suwon, according to the news agency.

Yoon’s action comes before an election scheduled for April in which his conservative People Power Party will try to regain control of parliament. If the president’s party prevails, it is likely to push through economic policies that include taking on powerful labor unions, reducing regulations on businesses, and tax cuts for companies and on real estate transactions.

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