It comes after new job figures confirmed young people are the most likely to struggle in the UK job market, with 16.1% of people aged 16 to 24 unemployed compared to a national average of 5.1%.
On Tuesday, it was confirmed unemployment had risen to a near five-year high, with the jobless rate among young people at its worst level for more than a decade.
The Office for National Statistics (ONS) said the rate of unemployment rose to 5.2% in the three months to December, up from 5.1% in the three months to November.
Under existing rules, people aged over 21 must be paid £12.21 an hour, with a lower rate of £10 in place for 18 to 20-year-olds.
Some business figures have argued that moves to push up minimum wage rates by the government have increased costs and deterred hiring.
The Times newspaper, external first reported that minister were weighing up whether to drop the pledge.