Financial Sector Salaries That Make You Say "Wow"... Which Bank Is the "Salary King"?
[Asia Economy Reporter Buaeri] The era of an average annual salary of 100 million KRW in the banking sector is becoming a reality. In particular, KakaoBank's employee salaries have been revealed to be the highest in the banking industry, surpassing even the industry leader KB Kookmin Bank.
According to KakaoBank's annual report on governance and compensation systems on the 12th, the average compensation for employees last year was 153 million KRW. This nearly doubled from 79 million KRW in 2020, marking the highest level in the banking sector.
Looking at each bank, last year KB Kookmin Bank's average salary was 110 million KRW, and Woori Bank's was around 98 million KRW. Shinhan Bank and Hana Bank have not yet disclosed their average salaries.
In the case of Kookmin Bank, the average salary exceeded 100 million KRW for two consecutive years. In 2020, the average salary of Kookmin Bank employees was 104 million KRW.
The average salaries of internet-only banks, except for KakaoBank, were lower than those of commercial banks. K Bank's average salary last year was 80 million KRW, and Toss Bank, which launched in October last year, had an average employee salary of 61 million KRW.
The number of employees, excluding KakaoBank, showed a decreasing trend. Kookmin Bank's workforce decreased from 17,662 in 2020 to 17,018 last year. Woori Bank also saw a reduction from 14,837 in 2020 to 14,276 last year.
However, internet-only banks actually grew in size. KakaoBank's number of employees increased by 118, from 913 in 2020 to 1,031, and K Bank also grew from 376 to 424. Toss Bank had 226 employees as of the end of last year.
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A KakaoBank representative said, "We decided on a compensation plan that allows members to grow together by providing incentives to talented individuals who contribute to KakaoBank's growth and possess expertise," adding, "We plan to continue applying stock compensation systems to attract excellent talent and reward members who contribute to KakaoBank's innovation and growth."
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