Average annual compensation for employees at South Korea's major financial holding companies and commercial banks is rapidly approaching 200 million won ($140,000), solidifying the sector's reputation as one of the country's most coveted employers.
According to the "2025 Governance and Compensation Annual Report" disclosed by the Korea Federation of Banks on Sunday, average compensation for employees at the four major financial holding companies—KB, Shinhan, Hana, and Woori—reached 176 million won last year, up 8.75 million won from 167.25 million won the previous year.
KB Financial Group posted the sharpest increase. Average compensation for KB Financial employees jumped 26 million won to 190 million won from 164 million won a year earlier.
By gender, average pay for male employees at KB Financial rose to 200 million won from 180 million won, while female employees saw increases to 150 million won from 130 million won. Executive compensation climbed to 360 million won from 300 million won, with male executives seeing a particularly sharp rise to 400 million won from 330 million won. Department heads also saw increases to 220 million won from 190 million won.
Shinhan Financial Group's average employee compensation rose to 169 million won from 165 million won, with executive pay increasing to 310 million won from 309 million won.
Hana Financial Group reported average compensation of 165 million won, up from 160 million won. Woori Financial Group maintained its average at 180 million won, though registered executive compensation rose to 220 million won from 210 million won.
Commercial banks under these holding companies also recorded average annual salaries exceeding 100 million won. Kookmin Bank's average employee compensation is expected to rise slightly to 119 million won from 118 million won. By position, executives averaged 548 million won, managers 186 million won, senior staff 139 million won, general staff 94 million won, and contract workers 53 million won.
Shinhan Bank and Hana Bank are currently compiling their 2024 compensation data, which will be disclosed before April 15.
Based on 2024 figures, Shinhan Bank's average compensation was 116.1 million won, with registered executives receiving 256 million won and non-registered executives 416 million won. Managers earned 177 million won and senior staff 132 million won.
Hana Bank recorded average compensation of 120 million won in the same year. Management received 339 million won, managers 199 million won, senior staff 142 million won, and general employees 87 million won.
Woori Bank's average employee compensation last year was 121 million won, up 7 million won from 114 million won. Executives averaged 326 million won, managers 186 million won, senior staff 135 million won, and general staff 84 million won.
Working conditions in the banking sector are also improving. The five major banks—KB Kookmin, Shinhan, Hana, Woori, and NH NongHyup—plan to sequentially implement a 4.9-day workweek this year, following an agreement reached in October between the Korean Financial Industry Union and the Financial Industry Employers' Association.
KB Kookmin Bank began implementing one-hour early leave on Fridays starting Sunday. Branch operating hours will remain unchanged at 4 p.m. IBK Industrial Bank of Korea led the trend in January by reducing working hours by one hour on Wednesdays and Fridays.
