Last year, the number of Financial Supervisory Service retirees in their 30s and 40s reached the highest level in the past five years. Compared to the previous year, the figure doubled. The departure of these core mid-career employees, who are at the prime of their working lives, appears to be the result of a combination of stagnant salaries and benefits, as well as shifting perceptions about work.

According to data on Financial Supervisory Service retirees obtained by Asia Economy through the office of Yangsoo Lee, a member of the National Assembly’s Political Affairs Committee, a total of 56 employees left the Financial Supervisory Service last year (excluding those who retired due to reaching retirement age, the wage-peak system, permanent contract employees, and executives). The number of retirees from the Financial Supervisory Service has been steadily increasing over the past five years, rising from 25 in 2020 to 56 last year.

In particular, the number of retirees in their 30s and 40s was 28, more than double the previous year’s figure of 11. There were 8 retirees in their 20s, 15 in their 30s, 13 in their 40s, and 20 in their 50s. The number of retirees increased in all age groups except for those in their 50s. Only among employees in their 50s did the number decrease, dropping by 11 from 31 in the previous year.

The number of new employees resigning has also been on the rise. Last year, 14 employees with less than one year of service left the Financial Supervisory Service, the highest number in the past five years. Four employees with two to three years of service also resigned. In 2020, there were no resignations among employees with less than one year of service, but the number has gradually increased, with 2 in 2021, 2 in 2022, and 6 in 2023.

56 Retirees from Financial Supervisory Service Last Year
Retirees in Their 30s and 40s Doubled
Highest in Five Years

No Improvement in Salaries and Benefits
Era Without the Concept of a 'Lifetime Job'
Changing Mindsets

38 Retirees as of September This Year
Impact of Government's Organizational Restructuring Plan

Financial Supervisory Service employees protesting against the government's organizational restructuring plan in the lobby of the Financial Supervisory Service building in Yeouido, Yeongdeungpo-gu, Seoul, on the 9th of last month. Photo by Yonhap News

Regarding this trend, an official from the Financial Supervisory Service said, "Since there has been little improvement in salaries or benefits, many employees are considering moving to other jobs. Comparing our conditions to those in the financial sector or large corporations, the term 'dream job' is something people used to say 20 years ago."

In fact, the average annual salary at the Financial Supervisory Service last year was about 108.52 million won, a decrease of 2.09 million won from the previous year’s 110.61 million won. This is even lower than the 2022 average salary of 110.06 million won. Salaries at the Financial Supervisory Service are subject to Ministry of Economy and Finance guidelines, which prevent increases beyond the rate set for civil servants. While the average salary may seem substantial, the lack of significant raises has led many younger employees to feel that their performance is not being adequately rewarded.

Looking at resignations by salary bracket, 30 of last year’s resigning employees earned less than 50 million won, the largest group. Sixteen earned between 50 million and 100 million won, seven earned between 100 million and 150 million won, and three earned more than 150 million won.

Some analysts attribute the increase in resignations to the recent rise in new hires, which naturally leads to a proportional increase in departures. Others point to changing mindsets as a contributing factor. A source in the financial sector commented, "Not only at the Financial Supervisory Service but also in central government ministries, there are many cases of employees preparing for different career paths after resigning. The characteristics of today’s workforce, who no longer see their jobs as lifetime positions, are also reflected in these trends."

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As of last month, there have been a total of 38 resignations from the Financial Supervisory Service this year. Given that there is still time left until the end of the year, the number of resignations is likely to remain similar to last year’s. The highest number of resignations occurred in February and September, with seven employees leaving in each of those months.

Notably, in September, five employees in their 30s and 40s resigned, the highest monthly figure for this age group. Around this time, the Financial Supervisory Service was experiencing internal turmoil due to organizational restructuring. Previously, the government and ruling party had pushed for a revision of the Government Organization Act to separate the Financial Consumer Protection Bureau from the Financial Supervisory Service and establish a new Financial Consumer Protection Agency, designating both organizations as public institutions. However, due to strong opposition from within and outside the Financial Supervisory Service, including protests by employees, the plan was withdrawn.

Assemblyman Lee stated, "It is concerning that there is a growing trend of resignations among employees in their 30s and 40s, who play a key role in the organization. Given the anxiety caused by the recent controversy over the Government Organization Act, it is necessary for the organization to devise measures to prevent the outflow of young talent."