"71.5 Million Won in Just Half a Year: Bank Employees Outpace Samsung in Pay as Average Salary Soars 13% on Record Earnings"

As major commercial banks continued to post record results in the first half of this year, the average salary for their employees saw its largest increase in 13 years. The average first-half salary for employees at the four major commercial banks reached 71.5 million won, higher than that of Samsung Electronics but lower than SK hynix.

A consultation window at a bank in Yeouido, Seoul. The photo is not related to the specific content of the article. Photo by Yonhap News Agency

According to the financial industry on August 16, the average salary per employee at KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank in the first half of this year was 71.5 million won, a 12.6% increase from the same period last year. This is the highest first-half growth rate since 2013. The figure is a simple average of the salaries disclosed in each bank’s semi-annual report, excluding NH Nonghyup Bank, which does not disclose salaries.

By bank, Shinhan Bank reported the highest average salary at 75 million won, a 21.0% rise year-on-year, making it the highest increase as well. Woori Bank and Hana Bank followed with 71 million won each, while KB Kookmin Bank reported 69 million won.

The average salary at the four largest banks was 8.5 million won higher than the 63 million won average first-half salary at Samsung Electronics. However, it was still less than SK hynix, where the average salary jumped to 144 million won, partly due to a rise in company stock price.

Some employees who opted for voluntary retirement received compensation around 1 billion won. Hana Bank paid approximately 1.1 billion won each to five retiring managers. Severance pay for voluntary retirees at Shinhan Bank and Woori Bank ranged from about 945 million to 1.055 billion won, while KB Kookmin Bank reported figures in the 900 million won range.

The average salary for employees of financial holding companies was even higher than that of the banks. In the first half of this year, the average employee salary at the five major financial holding companies was 100.8 million won, up 6.8% year-on-year. It is the first time the average salary across the five holding companies has surpassed 100 million won since Woori Financial Group was re-established in 2019.

KB Financial Group led with an average salary of 121 million won, followed by Woori Financial Group at 110 million won, Hana Financial Group at 106 million won, Shinhan Financial Group at 97 million won, and NH Nonghyup Financial Group at 70 million won. The higher average salary at holding companies is also attributable to a smaller workforce and a higher proportion of senior management positions.

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