The financial sector is expected to open a significant job market amid the employment crisis, announcing a large-scale recruitment of about 4,700 people in the first half of this year. Under pressure from the government and ruling party, the financial sector has also begun aligning with government policies.
According to the financial sector on the 25th, banks plan to hire more than 2,288 new employees in the first half of the year alone. This represents an increase of about 742 people (48%) compared to the first half of the previous year.
The Korea Federation of Banks explained, "The increase in new hires in the banking sector is due to the expanded capacity for new recruitment following workforce optimization measures such as recent voluntary retirement programs."
Banks are planning to recruit about 3,700 people annually this year, an increase of 600 compared to last year. Additionally, domestic banks stated that they will continue to hire high school graduates to fulfill their public roles, such as early securing of talented personnel and addressing unemployment issues among high school graduates.
Besides banks, the financial investment industry (1,035 people), non-life insurance industry (513 people), life insurance industry (453 people), specialized credit finance industry (279 people), and savings banks industry (151 people) have also announced recruitment plans.
The financial sector's move toward large-scale hiring appears to be influenced by recent public criticism surrounding the industry. Banks, which recorded strong performance last year due to interest income amid high interest rates, faced criticism after it was revealed that employees received performance bonuses amounting to 300-400% of their base salary and voluntary retirement packages of at least 600 to 700 million KRW per person.
Since then, financial authorities, President Yoon Suk-yeol, and the National Assembly have emphasized the 'public' role of banks. Efforts by financial authorities to address the monopoly issues of banks have also intensified. The 'Banking Sector Management, Sales Practices, and System Improvement Task Force (TF),' which includes the Financial Services Commission, Financial Supervisory Service, banks, and academic experts, held its first meeting on the 22nd and announced that it will focus on six key tasks, including reviewing bank entry policies, improving the interest rate system, and reforming the compensation system.
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