[이데일리 전선형 기자] The average annual salary of employees of the four major domestic banks has exceeded 100 million won for the first time in history. This seems to be due to the increase in performance pay as the company achieved the highest profit ever.
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According to the business report of each bank on the 20th, the average salary of the four major commercial banks, KB Kookmin, Shinhan, Hana, and Woori Bank, last year was 155 million won. Following a 2.6% increase to 95.5 million won in 2019 and 98 million won in 2020, it jumped 7.6% from the previous year.
By bank, KB Kookmin Bank received the highest annual salary of 112 million won. It was followed by Shinhan Bank (170 million won), Hana Bank (106 million won), and Woori Bank (97 million won). By the rate of increase, Shinhan Bank (11.5%), KB Kookmin Bank (7.7%), Hana Bank (9.3%), and Woori Bank (2.1%) were followed.
The increase in the average salary of bank employees is interpreted as the increase in the net profit of banks. The four commercial banks posted more than 2 trillion won in net profit last year. KB Kookmin Bank and Shinhan Bank’s net income last year was 2.563 trillion won and 2.494.8 trillion won, up 13.1 percent and 20.0 percent from a year ago, respectively. Hana Bank rose 27.2% to KRW 2.57 trillion and Woori Bank increased 74.0% to KRW 2.385.1 trillion. The record-breaking performance was driven by an increase in loans and interest rate hikes.
Although the salaries of employees increased, the number of employees and the number of stores continued to decrease. As part of their digital strategy, banks are continuing to reduce their workforce, emphasizing online sales rather than face-to-face sales.
In fact, as of the end of last year, the number of employees at these four banks was 57,274, 622 fewer than the previous year (57,896). By bank, KB Kookmin Bank lost 571 people last year, and Shinhan Bank also lost 371 people. Hana Bank and Woori Bank increased by 35 and 285, respectively.
On-site stores are also rapidly declining. It is the result of the consolidation and reduction of branches. As of the end of last year, the number of branches of the four major banks was 379, down 224 from 3303 in 2020. The number of branches of these banks has been decreasing by 220 per year since 2019, and if this continues, it is expected to drop to the late 2000s by the end of this year.
By bank, Shinhan Bank reduced its branches by 75 branches in one year, resulting in the largest decline in branches. KB Kookmin Bank reduced 58 branches, Woori Bank 53 branches, and Hana Bank 38 branches.
Meanwhile, most of the employees who were named in the ‘Top 5 Salary’ last year were found to have left the bank after applying for voluntary retirement. In particular, at Shinhan Bank and Hana Bank, voluntary retirees were paid more than the bank presidents.
The top five Shinhan Bank employees who received more than 500 million won in remuneration last year were all voluntary retirees. They received 832 million to 876 million won including severance pay, beating Shinhan Bank President Jin Ok-dong (825 million won). The names of voluntary retirees were also listed in Hana Bank’s top five list. They received between 751 million and 850 million won in remuneration last year, more than 200 million won more than Park Seong-ho, president of Hana Bank (534 million won).
In the case of Woori Bank, all four of the top salaries except for Woori Bank President Kwon Kwang-seok (940 million won) were voluntary retirees. Only two were voluntarily retired.