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Last year, the average annual salary of major bank employees in Korea approached 120 million won.

According to business reports released by Korea's four major banks?KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank?on the 20th, the average salary of employees at these banks last year was tallied at 118 million won.

By bank, Hana Bank had the highest average annual salary for employees at 120 million won. KB Kookmin Bank and Shinhan Bank followed with 119 million won each, while Woori Bank recorded 114 million won. At Hana Bank, the average annual salary for male employees reached 140 million won, the highest in the industry.

The average annual salary of bank employees significantly exceeds the average annual salary of employees at major domestic corporations.

According to the '2024 Business Wage Increase Feature Analysis' announced by the Korea Employers Federation on the 16th, the average annual salary of full-time workers at large companies with over 300 employees was 71.21 million won, while the average wage for all workers was 49.17 million won.

Bank employees received salaries more than twice as high as those of typical office workers.

However, compared to large companies with the highest market capitalization such as Samsung Electronics, Hyundai Motor, and Kia, it was difficult to say that the average salary of bank employees was high.

Last year, the average annual salary of Samsung Electronics employees reached 130 million won, Hyundai Motor 124 million won, and Kia 136 million won.
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The rate of salary increase at banks has not been high in recent years. The average annual salary for employees at the four major banks rose from 112 million won in 2022 to 116 million won in 2023, and 118 million won last year, increasing by only about 2-3% each year.

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At financial holding companies, where more experienced or higher-ranking employees are concentrated, the average annual salary was even higher. Among the four major financial holding companies, Woori Financial Group employees had the highest average annual salary last year at 174 million won. Shinhan Financial Group followed with 168 million won, Hana Financial Group with 164 million won, and KB Financial Group with 160 million won. The average annual salary for employees at the four major financial holding companies reached 167 million won.

The number of employees at the four major banks last year was 55,231, an increase of 67 from the previous year. Although there were continued voluntary retirements, this was offset by an increase in new hires.

Woori Bank’s number of employees increased by 606, from 13,723 in 2023 to 14,329 in 2024. During the same period, Hana Bank’s employee count rose by 7, from 11,885 to 11,892. In contrast, KB Kookmin Bank saw a decrease of 366 employees, from 16,293 to 15,927, and Shinhan Bank’s workforce dropped by 180, from 13,263 to 13,083.