'Eok Sori' Bankers' Salaries... Who is the Salary King in the Financial Sector?

Published 23 Mar.2024 06:00(KST)

The average annual salary at major commercial banks was found to be approximately 120 million KRW. The average salary of employees at major financial holding companies was around 170 million KRW, approaching 200 million KRW.

Top 4 Banks and Internet Banks Easily Surpass 100 Million KRW

According to the business reports of KB Kookmin, Shinhan, Hana, and Woori Banks on the 23rd, the average salary per bank employee was about 116 million KRW, a 2.9% increase from the previous year. By bank, KB Kookmin Bank paid 120 million KRW, Hana Bank 119 million KRW, Shinhan Bank 113 million KRW, and Woori Bank 112 million KRW on average.

For financial holding companies, the average annual salary was close to 200 million KRW. The average salary per employee at the four major financial holding companies?KB, Shinhan, Hana, and Woori?increased by 1% from the previous year to 171 million KRW. KB led with 191 million KRW, followed by Shinhan (173 million KRW), Woori (167 million KRW), and Hana (153 million KRW).

Among internet-only banks, Toss Bank employees had the highest average salary. According to the annual reports on governance and compensation systems of each internet-only bank, Toss Bank employees’ average salary last year was 136 million KRW, higher not only than other internet-only banks but also the top 4 banks. Kakao Bank’s average salary per employee was 103 million KRW, and K Bank recorded 89 million KRW.

Card and Insurance Companies Also Report 'Hundred Million' Salaries

The average salary of card company employees also far exceeded 100 million KRW. Analyzing business reports and annual governance and compensation system reports of various card companies, Samsung Card topped the list by paying an average of 146 million KRW to its employees last year.

Following were Shinhan Card (122 million KRW), KB Kookmin Card (121 million KRW), BC Card (113 million KRW), Hana Card (112 million KRW), Hyundai Card and Woori Card (104 million KRW), and Lotte Card (90 million KRW).

Among insurance companies, Samsung Fire & Marine Insurance had the highest salary level. According to salary data submitted by major life and non-life insurance companies to Oh Ki-hyung, a member of the National Assembly’s Political Affairs Committee from the Democratic Party, Samsung Fire & Marine Insurance’s average salary per employee last year was 143.94 million KRW, exceeding that of major insurance companies and banks.

Samsung Life Insurance (135 million KRW), Meritz Fire & Marine Insurance (128 million KRW), Hyundai Marine & Fire Insurance (101.99 million KRW), and Kyobo Life Insurance (104.47 million KRW) also had average salaries exceeding 100 million KRW. Hanwha Life Insurance recorded 92.23 million KRW, and DB Insurance was at 89.35 million KRW.