Eun Seong-su Urges 5 Major Financial Group Chairmen to Increase Youth Hiring

"Need to Consider Increasing Youth Employment Through Labor Cost Adjustments"
COVID-19 Loan Maturity Extensions... "Difficult to Reach a Conclusion"

Eun Sung-soo, Chairman of the Financial Services Commission, is attending a closed-door 'COVID-19 Financial Sector Issues Meeting' held on the 10th at the Korea Federation of Banks in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Jin-ho Kim] Eun Sung-soo, Chairman of the Financial Services Commission, urged the chairmen of the five major financial holding companies to actively engage in 'youth employment.'

On the 10th, after attending the 'COVID-19 Financial Sector On-site Meeting' held at the Bankers' Hall in Jung-gu, Seoul, Chairman Eun told reporters, "What society expects from the financial sector is employment more than anything else."

Present at the meeting were KB Financial Group Chairman Yoon Jong-kyu, Shinhan Financial Group Chairman Cho Yong-byoung, Woori Financial Group Chairman Sohn Tae-seung, Hana Financial Group Vice Chairman Ham Young-joo, and NH Nonghyup Financial Group Chairman Sohn Byung-hwan.

Chairman Eun said, "I understand that expanding hiring is not easy, but I asked the chairmen to pay attention to this matter," adding, "I also requested that they consider increasing youth employment structurally through adjustments such as labor cost management."

He continued, "I conveyed the opinion that it would be good for the government, financial sector, and labor unions to engage in dialogue regarding such structural changes."

However, the chairmen of the financial holding companies reportedly expressed reluctance to Chairman Eun's proposal, citing "the rapid digitalization making it impossible to increase employment as freely as in the past."

Regarding the issue of COVID-19 loan maturity extensions and interest payment deferrals, he responded, "We exchanged opinions, but it is still difficult to reach a conclusion." Chairman Eun said, "Whether to extend maturities or not is not a simple matter with just two options," adding, "I hope we do not make premature judgments and carefully review the situation. I ask the financial sector to pool their wisdom."

Previously, the Financial Services Commission postponed the COVID-19 loan maturity extension and interest payment deferral measures twice. Recently, the need for additional extensions has emerged due to the widespread outbreak of COVID-19 variants.

Chairman Eun also exchanged views with the five major financial holding company chairmen on household debt issues. He said, "We said we would suppress household debt, but there are real demand issues, so we could not respond properly," adding, "We discussed with the financial holding company chairmen whether to suppress real demand or to leave it as is."

Regarding the nomination of Ko Seung-beom as Financial Services Commission Chairman and his mention of pursuing 'market-friendly' policies, he responded, "It is a good direction." Chairman Eun said, "There may be slight differences between the market and government's directions regarding market-friendly policies," but added, "What is important is to exchange opinions through dialogue."

When asked about his sudden resignation, he briefly replied, "It is difficult to comment on personnel matters." When asked about his future plans, he said, "I want to rest for a while."

Regarding what he thought he did well during his term, he chose 'COVID-19 response.' Chairman Eun said, "Evaluations of the COVID-19 response may vary, but I have worked tirelessly," adding, "I think it is fortunate that the chain bankruptcies of companies and the resulting mass unemployment, which I was most concerned about, did not occur."

Meanwhile, the five major financial holding company chairmen reportedly expressed concerns to Chairman Eun about the debt refinancing platform scheduled to be launched in October. Chairman Eun said, "I have come to understand well that the financial holding company chairmen are not welcoming of the debt refinancing platform," adding, "I will consider their opinions and review this matter."

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