Online Bank Toss Pays Higher Salaries Than Conventional Banks

Online-only Toss Bank now pays higher average salaries than Korea's major banks, its annual report revealed Tuesday.

Toss Bank paid an average salary of W119 million or a total of W46.26 billion to its 388 staff last year (US41=W1,311). That is almost double the W61 million a year earlier.

It is also more than KB Kookmin Bank's W113 million or Woori Bank's W104 million. 

The bank explained that it mostly hires experienced workers and offered temporary incentives to attract skilled people in the early stages after its launch in October 2021.

The other two internet-only banks also paid relatively high salaries. Kakao Bank paid an average of W146 million last year, but it said the actual salary after subtracting proceeds from stock options was only W107 million. 

K-Bank paid W96 million, up about 20 percent from 2021.