"Not Jealous of Big Corporations" Banker Who Earned 120 Million Won Last Year

Based on business reports, the average salary of employees at the four major banks is 118 million KRW
Hana Bank ranks highest... followed by KB, Shinhan, and Woori
Among the four major financial holding companies, Woori Financial Group has the highest average annual salary

Last year, the average annual salary of major bank employees in South Korea nearly reached 120 million KRW.

According to the business reports released on the 20th by the four major domestic banks?KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank?the average salary of employees at these banks last year was calculated to be 118 million KRW.

By bank, Hana Bank had the highest average annual salary at 120 million KRW. KB Kookmin Bank and Shinhan Bank followed with 119 million KRW each, while Woori Bank recorded 114 million KRW. In the case of Hana Bank, the average annual salary for male employees reached 140 million KRW, the highest level in the industry.

The average annual salary of bank employees far exceeds that of employees at major domestic corporations. According to the "2024 Business Wage Increase Characteristics Analysis" announced by the Korea Employers Federation on the 16th, the average annual salary of full-time workers at large companies with over 300 employees was 71.21 million KRW. The average wage for all workers was 49.17 million KRW. Bank employees earned more than twice the salary of typical office workers.

However, compared to top large corporations by market capitalization such as Samsung Electronics, Hyundai Motor, and Kia, it is difficult to say that bank employees’ average salaries were higher. Last year, the average annual salary of Samsung Electronics employees reached 130 million KRW, Hyundai Motor 124 million KRW, and Kia 136 million KRW.

Major bank ATM. Photo by Hyunmin Kim kimhyun81@

In recent years, the salary increase rate at banks has not been high. The average annual salary of employees at the four major banks rose only about 2-3% annually, from 112 million KRW in 2022 to 116 million KRW in 2023, and 118 million KRW last year.

Among bank employees, those working at financial holding companies, where many senior or high-ranking employees are concentrated, had higher average salaries. Among the four major financial holding companies, Woori Financial Group employees had the highest average annual salary last year at 174 million KRW. Shinhan Financial Group followed with 168 million KRW, Hana Financial Group with 164 million KRW, and KB Financial Group with 160 million KRW. The average annual salary of executives and employees at the four major financial holding companies reached 167 million KRW.

The number of executives and employees at the four major banks last year was 55,231, an increase of 67 compared to the previous year. Although voluntary retirements continued, this was interpreted as being due to an increase in new hires.

The number of Woori Bank employees increased by 606, from 13,723 in 2023 to 14,329 in 2024, and Hana Bank increased by 7, from 11,885 to 11,892 during the same period. On the other hand, KB Kookmin Bank decreased by 366, from 16,293 to 15,927, and Shinhan Bank decreased by 180, from 13,263 to 13,083.