Go to Contents Go to Navigation

Bank employees' H1 wage gains at fastest clip in 6 years

Finance 09:21 August 20, 2019

SEOUL, Aug. 20 (Yonhap) -- The average wage for employees at South Korea's top six banks rose at the fastest pace in six years in the first half of the year, with their average half-year pay topping 50 million won (US$41,300), data showed Tuesday.

The per-capita wage for workers at the lenders -- KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank, Citibank Korea and Standard Chartered Bank Korea -- averaged 51.5 million won for the January-June period, according to their half-year reports.

The six-month total was up 8.4 percent from the prior year, which was the fastest on-year growth rate since the 19.1 percent surge in 2013.

The figure was based on bank employees' earned income. Executive compensation was excluded from the tally.

Bank employees' H1 wage gains at fastest clip in 6 years - 1

Citibank Korea posted the largest median wage of 58 million won, trailed by KEB Hana Bank with 57 million won and KB Kookmin Bank with 52 million won.

KEB Hana Bank chalked up the largest on-year gain of 26.7 percent, with KB Kookmin Bank following with 20.9 percent. Their high growth rates were ascribed to one-off factors.

The six major lenders had a combined workforce of 67,781 as of the end of June, up 200 from the previous year. The slight gain was attributed largely to their increased employment of irregular workers.

KB Kookmin Bank had the largest headcount of 17,498, followed by Woori Bank with 15,061 and Shinhan Bank with 13,961.

Send Feedback
How can we improve?
Thanks for your feedback!