"Paid More Than Samsung Electronics"... Average Salary at Four Major Banks Reaches 71.5 Million Won

[Financial News] The average salary per employee at South Korea's four major commercial banks topped 70 million won in the first half of this year. It was 8.5 million won higher than the average salary at Samsung Electronics.
According to the financial sector on the 17th, the average salary per employee at KB Kookmin Bank, Shinhan Bank, Hana Bank and Woori Bank came to 71.5 million won in the first half of this year.
The figure is a simple average of the per-employee salary amounts disclosed in each bank's semiannual report. Nonghyup Bank, which does not separately disclose employee pay, was excluded from the tally.
Compared with 63.5 million won a year earlier, the figure rose by 8 million won, or 12.6 percent. The first-half growth rate was the highest in 13 years, since 20.9 percent in 2013.
Among the banks, Shinhan Bank posted the highest average salary at 75 million won. Its increase from the same period last year was also the steepest among the four, at 21.0 percent.
Woori Bank's average salary rose 14.5 percent to 71 million won, while Hana Bank's increased 4.4 percent to 71 million won. KB Kookmin Bank recorded 69 million won, up 11.3 percent.
Compared with semiconductor companies, the four banks' average salary was 8.5 million won higher than Samsung Electronics' 63 million won. However, it was still below SK hynix's 144 million won, as the chipmaker saw a sharp rise in pay this year on the back of stock gains.
By gender, the average salary for male employees was 81 million won, while female employees averaged 64 million won. The male average was 26.6 percent higher than the female average.
If the same level of pay is maintained in the second half, the annual average salary for employees at the four major banks this year would exceed 140 million won.
Severance packages for employees who took voluntary retirement were around 1 billion won each. At Hana Bank, five managers who retired in the first half received retirement payouts of more than 1 billion won apiece.
At Shinhan Bank, the compensation for four employees who retired as branch managers or department heads ranged from 984 million won to 1.055 billion won. About 500 million won of that was special severance pay.
At Woori Bank, five voluntary retirees at the assistant general manager level each received between 945 million won and 1.04 billion won. The five retirees at KB Kookmin Bank also each received more than 900 million won.
Average salaries at financial holding companies were higher than at banks. The average salary per employee at the five major financial groups -- KB Financial Group, Shinhan Financial Group, Hana Financial Group, Woori Financial Group and NH NongHyup Financial Group -- came to 100.8 million won in the first half, up 6.8 percent from 94.4 million won a year earlier.
It was the first time since 2019, when Woori Financial Group Holdings was relaunched, that the first-half average salary at the five major financial groups exceeded 100 million won.
By group, KB Financial Group posted the highest average at 121 million won. It was followed by Woori Financial Group at 110 million won, Hana Financial Group at 106 million won, Shinhan Financial Group at 97 million won and NH NongHyup Financial Group at 70 million won.
However, KB Financial Group said last year's special bonus was included in this year's first-half salary figure. Excluding that, the amount would be around 102 million won.
[email protected] Han Seung-gon Reporter