Last Year's Average Annual Salary at Internet Banks Around 100 Million KRW

Surpassing KB Kookmin and Woori Bank
Impact of Massive Hiring in Development and Experienced Positions

Last year, the average annual salary of employees at the three internet-only banks (KakaoBank, K Bank, and Toss Bank) was around 100 million KRW.

According to the '2022 Governance and Compensation System Annual Report' disclosed by each bank on the 14th, the average annual salary of Toss Bank employees last year was 119 million KRW. The total compensation for all 388 employees amounted to 46.257 billion KRW. Compared to the first year of its launch in 2021 (61 million KRW), this nearly doubled. This level is higher than some commercial banks such as KB Kookmin Bank (113 million KRW) and Woori Bank (104 million KRW).

It is interpreted that the total compensation also increased as the internet-only banks, in their early stages, aggressively hired developers and experienced professionals.

The previously announced average annual salary of KakaoBank employees last year was 146 million KRW, but KakaoBank explained that excluding stock option exercise gains (54.2 billion KRW), the per capita compensation was about 107 million KRW. This is slightly lower than the previous year (average 150 million KRW; excluding stock option exercise gains, 95.6 million KRW).

K Bank's average annual salary for employees last year was 96 million KRW (total compensation 46.9 billion KRW / 489 employees), falling short of 100 million KRW but rising about 20% compared to the previous year (80 million KRW).