South Korean bank employees earn more than Samsung Electronics staff in first half

Employees at South Korea's four major commercial banks (KB Kookmin, Shinhan, Hana, and Woori) received an average salary of 71.5 million won during the first six months of this year. This figure surpasses the average salary of 63 million won at Samsung Electronics, though it falls short of SK Hynix's average of 144 million won (which includes stock-related compensation).

The average salary for bank employees marks a significant 12.6% increase compared to the first half of last year (63.5 million won). This is the highest half-year growth rate recorded in 13 years, since a 20.9% increase in 2013. Male employees earned an average of 81 million won, 26.6% more than female employees, who earned an average of 64 million won. If this trend continues, the average annual salary for bank employees is expected to exceed 140 million won this year.

Shinhan Bank reported the highest average salary at 75 million won, also showing the largest increase of 21.0%. Woori Bank and Hana Bank followed with 71 million won each, representing increases of 14.5% and 4.4% respectively compared to the previous year. Kookmin Bank's average salary was 69 million won, up 11.3%.

Employees at major financial holding companies earned considerably more than those at their banking affiliates. The average salary for employees across the five major financial holding companies (KB, Shinhan, Hana, Woori, and NH Nonghyup) in the first half of the year was 100.8 million won, a 6.8% increase from 94.4 million won last year. Male employees at these holding companies earned an average of 107.6 million won, 33.2% more than female employees, who earned an average of 80.8 million won. Three holding companies (KB, Hana, and Woori) reported average salaries exceeding 100 million won, while Shinhan Financial was close at 97 million won. NH Nonghyup had the lowest average at 70 million won.

Furthermore, some employees who opted for early retirement received substantial packages, with combined legal and special retirement bonuses amounting to around 1 billion won. Hana Bank disclosed that five managers who retired in the first half received approximately 1.1 billion won each. Shinhan Bank paid between 984 million and 1.055 billion won to four individuals in branch manager and deputy department head positions, with special retirement bonuses accounting for about 500 million won of these payouts.