"They Gave Out 18 Million Won in Special Bonuses... Why Don’t We Get a Raise Despite Constant Overtime?" Feelings of Deprivation

FSC Awards 18 Million Won to Top Performers
Special Bonuses "Out of Reach" for FSS, a Public Institution
Expansion of "Work-Driven Culture" in Civil Service Increases FSS Workload
Limited Performance Rewards... Younger Employees Feel Left B

The "clear rewards and punishments" principle of the Lee Jaemyung administration's civil service is a hot topic even within financial authorities. While the Financial Services Commission (FSC) has boosted organizational morale by awarding a total of 18 million won in special bonuses to employees who delivered outstanding results, these rewards remain out of reach for the Financial Supervisory Service (FSS), a public institution. According to voices within the FSS, especially among younger staff, there is a growing sense of envy and relative deprivation.

According to financial authorities on April 20, this year's annual internal reward budget for the FSS is set at 85 million won. While the external reward budget increased by 4.0% to 231.38 million won, the internal reward budget for employees remained at the same level as the previous year. The FSS conducts its internal annual awards at the end of the year, with prize amounts reaching up to 1 million won per recipient, though awards typically amount to several hundred thousand won.

An FSS official stated, "The employee reward budget can only be spent within pre-determined limits. Since the FSS is not a government ministry, it is not eligible for the special reward system, and expanding employee rewards at our own discretion is also difficult."

The FSS operates under the guidance and supervision of the FSC, carrying out supervisory functions over financial institutions and providing practical support in developing financial policies. Recently, as the "working atmosphere" has been emphasized across the civil service, the workload at the FSC has increased, leading to a heavier workload for the FSS as well. Under the structure where the FSC handles policy design and the FSS is responsible for support and practical implementation, the work intensity has risen. However, as the FSS is not a government ministry, it is difficult for the organization to offer exceptional performance rewards based on results.

In the case of the FSC, which develops financial policies, three employees who delivered outstanding results were recently given a total of 18 million won in bonuses. This is part of the special performance incentive system introduced for the first time across the civil service this year. Up to 10 million won per person was awarded to section chief and deputy director-level employees who contributed to strengthening the capital market, supporting long-term delinquent borrowers, and realizing the "stock price manipulation = financial ruin" principle. A separate budget has been allocated for this purpose this year, and additional bonuses are planned for the first half of the year. This reflects the intention to boost motivation and organizational morale through performance-based rewards.

Amid these developments, there are feelings of alienation within the FSS, which, despite being a public institution, bears a heavy burden supporting the government ministry. While the FSC has about 400 employees, the FSS has around 2,300 and is responsible for a significant portion of the practical work supporting policy development. This contributes to the perception of being left out. There is also discontent that, while the "spotlight" for policy achievements is hard to come by, the workload falls disproportionately on the FSS.

A senior FSS employee commented, "Looking at the recent FSC rewards, they included major government policy achievements such as improving the capital market, establishing a new leap fund, and eradicating stock price manipulation. The fact that there are direct rewards for achievements will be a strong motivator for employees. It's both refreshing and enviable." Another senior employee added, "We work overtime and on weekends to meet FSC data requests as a matter of course, but we feel deprived because there is not only a lack of related rewards, but also our achievements are not visible."

Along with the annual awards at year-end, the FSS offers incentives such as special promotions, advancement, preferential academic training opportunities, and special leave to outstanding employees through active administration competitions. However, with the increased workload, a top-down communication structure, and last year's risk of organizational split all compounding, the internal assessment is that the perceived level of rewards among employees is not what it used to be.

An FSS director-level executive explained, "Regulations such as asset disclosure and employment restrictions apply to us at the same level as civil servants, but our salaries lag behind those in private financial companies, so the morale of young employees has dropped. Strengthening the employee compensation system is necessary, but given the unique characteristics of the organization with supervisory and inspection authority, there is considerable external oversight and institutional limitations, making it difficult to achieve."

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