[2020 National Audit] 8 out of 9 Financial Public Enterprises Have Zero Female Executives

Only 14.9% of Senior Positions Level 3 and Above Are Women
At 8 out of 9 Institutions, Women Have Shorter Tenure Compared to Men

[Asia Economy Reporter Park Sun-mi]Among nine financial public institutions, eight have no female executives at all. The gender wage gap (female average wage/male average wage) compared to men in the nine institutions was also found to be only 71.3%.

On the 20th, Bae Jin-kyo, a member of the National Assembly's Political Affairs Committee from the Justice Party, investigated gender gaps in employment status, tenure, and wages for nine financial public institutions based on 2019 data. According to the analysis, the average proportion of female workers was 39.5%, and the average length of service was 9.5 years, which is 4.9 years shorter than the 14.4 years for men.

Among a total of 56 executives in the nine institutions, only two women were at Korea Asset Management Corporation, and the other eight public institutions had no female executives at all. The proportion of women in senior positions of grade 3 or higher was 14.9%, and their average length of service was also 4.9 years shorter than that of men. The wage gap between men and women is analyzed to be due to women having shorter tenure and a lower proportion of senior positions compared to men.

The gender wage gap compared to men averaged 71.3%, with each institution showing the following: Korea Deposit Insurance Corporation 61.1%, Korea Development Bank 65.0%, Korea Housing Finance Corporation 68.0%, Industrial Bank of Korea 71.0%, Korea Securities Depository 73.0%, Korea Asset Management Corporation 74.0%, Korea Credit Guarantee Fund 75.0%, Financial Supervisory Service 76.0%, and Korea Inclusive Finance Agency 79.1%.

Regarding the tenure gap between men and women, the differences were: Financial Supervisory Service 2.9 years, Korea Development Bank 4 years, Korea Asset Management Corporation 4.5 years, Industrial Bank of Korea 4.7 years, Korea Deposit Insurance Corporation 6.2 years, Korea Housing Finance Corporation 6.8 years, Korea Securities Depository 7.2 years, and Korea Credit Guarantee Fund 7.9 years, which was the largest gap. The average tenure of female workers was shortest at Korea Housing Finance Corporation with 6.5 years and longest at Industrial Bank of Korea with 12.8 years. Even in cases of long-term service over 20 years at Korea Deposit Insurance Corporation, the gender wage gap compared to men was 62%.

Assemblyman Bae Jin-kyo said, "This survey result clearly shows the social phenomenon where women's labor is undervalued even in public institutions, and women's economic activities are regarded as secondary." He added, "Childbirth and childcare lead to career interruptions for women, which results in even their social status being undervalued. It is necessary to improve related systems such as setting targets for the proportion of female managers who can increase the ratio of women in senior positions and introducing a female executive quota system."

This content was produced with the assistance of AI translation services.