Major Bank's Average Salary Surpasses W100 Million

The average annual wages at Korea's four major banks surpassed W100 million last year (US$1=W1,214). Most insurers paid similar salaries.

According to their annual reports to the Financial Supervisory Service, the average annual pre-tax salary of workers at KEB Hana, KB Kookmin, Shinhan and Woori banks was W105.5 million last year. That excludes executive wages but includes bonuses and extra pay.

Annual salaries of bank workers have been rising from W95.5 in 2019 to W98 million in 2020. KB Kookmin paid the highest average salary of W112 million, followed by Shinhan (W107 million), KEB Hana (W106 million) and Woori (W97 million).

Insurance companies enjoyed a stress-free time in the coronavirus pandemic as payouts dwindled while everyone stayed home, so annual wages rose to six figures.

Samsung Life Insurance paid the most with W127 million a year, followed by Hyundai Marine and Fire Insurance (W108 million), Meritz (W102 million) and KB Insurance (79 million).