Woori Bank Performance Bonus Expected to Reach About 280% of Base Salary

Payment Scheduled After the End of March General Meeting

[Asia Economy Reporter Kwon Hyun-ji] The performance bonuses for Woori Bank for last year, to be paid next month, are expected to be around 280% of the base salary.

According to the financial sector on the 14th, Woori Bank signed a wage collective agreement (WCA) containing this information the day before. The payment timing is after next month's shareholders' meeting. However, the exact payment amount is expected to be decided after the settlement is completed. According to the labor-management agreement, Woori Bank sets the performance bonus at up to 300% of the base salary.

Most commercial banks, except Woori Bank, have already paid or finalized the performance bonus amounts. KB Kookmin Bank gave a performance bonus equivalent to 280% of the base salary and separately paid a special encouragement bonus of 3.4 million KRW. Shinhan Bank decided to give 361% of the base salary, of which 300% has already been paid, and the remaining 61% will be distributed as stocks after the March shareholders' meeting. NH Nonghyup Bank also set the performance bonus at 400% of the base salary. Hana Bank set a profit-linked special performance bonus at 350% of the base salary and plans to pay it around April.

According to data from the Financial Supervisory Service disclosed by Democratic Party lawmaker Hwang Un-ha on the same day, the total performance bonuses of the five major commercial banks last year amounted to 1.3823 trillion KRW. This is an increase of 35% (362.9 billion KRW) compared to 2021. Last year, Nonghyup Bank paid 670.6 billion KRW, Kookmin Bank 204.4 billion KRW, Shinhan Bank 187.7 billion KRW, Hana Bank 163.8 billion KRW, and Woori Bank 155.6 billion KRW in performance bonuses, respectively.