[Exclusive] "Average Salary Exceeds 100 Million Won, But Can't Endure" Number of Financial Supervisory Service Resignees in Their 30s and 40s Doubles

Resignations Continue to Rise Each Year
Stagnant Salaries and Working Conditions... Shifting Mindsets
Impact of Last Month's Government Restructuring Proposal

Financial Supervisory Service employees protesting against the government's organizational restructuring plan in the lobby of the Financial Supervisory Service in Yeouido, Yeongdeungpo-gu, Seoul on the 9th of last month. Photo by Yonhap News

Last year, the Financial Supervisory Service saw the highest number of resignations among employees in their 30s and 40s in the past five years. Compared to the previous year, the number doubled. The departure of these "core" employees, who are at the prime age for work, appears to be driven by a combination of factors, including salary, working conditions, and shifting perceptions.

Younger Employees Leaving the Financial Supervisory Service

According to data on "Financial Supervisory Service Resignations" obtained by Asia Economy from the office of Assemblyman Lee Yangsoo, a member of the National Assembly’s Political Affairs Committee, a total of 56 employees resigned last year (excluding retirements due to reaching the mandatory retirement age, wage peak system, permanent contract workers, and executive retirements). The number of resignations from the Financial Supervisory Service has steadily increased over the past five years, rising from 25 in 2020 to 56 last year.

In particular, the number of resignations among employees in their 30s and 40s reached 28, more than double the previous year’s figure of 11. There were 8 resignations among those in their 20s, 15 among those in their 30s, 13 among those in their 40s, and 20 among those in their 50s. The number of resignations increased across all age groups except for those in their 50s. Among employees in their 50s, the number dropped by 11 compared to the previous year (31).

There has also been an increase in resignations among new hires. Last year, 14 employees with less than one year of service resigned, the highest number in the past five years. Four employees with two to three years of service also resigned. In 2020, there were no resignations among employees with less than one year of service, but this figure has gradually increased: two in 2021, two in 2022, and six in 2023.

Regarding this trend, a Financial Supervisory Service official commented, "Since there has been little improvement in salary or working conditions, employees are increasingly considering changing jobs. When comparing our conditions to those in the financial sector or large corporations, the term 'dream job' is now something people said 20 years ago."

In fact, the average annual salary at the Financial Supervisory Service last year was approximately 108.52 million won, a decrease of 2.09 million won from the previous year (110.61 million won). This was even lower than the 2022 average (110.06 million won). The salaries of Financial Supervisory Service employees are subject to guidelines from the Ministry of Economy and Finance, which prevent them from exceeding the public servant salary increase rate. While the average salary may seem substantial, the lack of salary increases has led many younger employees to feel that they are not being adequately rewarded for their performance.

Looking at resignations by salary range, the largest group last year was those earning less than 50 million won, with 30 employees. This was followed by 16 employees earning between 50 million and 100 million won, 7 employees earning between 100 million and 150 million won, and 3 employees earning more than 150 million won.

Some analysts also attribute the increase in resignations to the rise in new hires, which naturally leads to a proportional increase in departures. Others point to a shift in mindset. An official in the financial sector noted, "Not only at the Financial Supervisory Service but also in central government ministries, there are now quite a few cases where employees leave to pursue other career paths. This reflects the characteristics of today’s workforce, who no longer view jobs as lifelong positions."

Impact of Organizational Restructuring... Highest Number of Resignations in September This Year

As of last month, there were a total of 38 resignations this year. Given that there is still time left until the end of the year, the total number of resignations is expected to be similar to last year. The months with the highest number of resignations were February and September, with 7 employees leaving in each month.

Notably, in September, 5 employees in their 30s and 40s resigned, the highest for any month this year. Around this time, the Financial Supervisory Service was experiencing internal conflict due to organizational restructuring. Previously, the government and ruling party had promoted a revision to the Government Organization Act, which included separating the Financial Consumer Protection Bureau from the Financial Supervisory Service to establish a new Financial Consumer Protection Agency, and designating both entities as public institutions. However, after strong internal and external opposition, including protests by Financial Supervisory Service employees, the plan was withdrawn.

Assemblyman Lee stated, "It is concerning that there is a growing trend of resignations among employees in their 30s and 40s, who play a core role. Given the recent anxiety among Financial Supervisory Service employees caused by the controversy over the Government Organization Act revision, it is necessary for the organization to develop measures to prevent the outflow of young talent."