[Alpha Biz= Reporter Kim Jisun] From 2019 to the present, South Korean banks have paid over ₩6.5 trillion in voluntary retirement bonuses, in addition to the legally mandated severance pay, to employees opting for early retirement.

On October 9, Rep. Chun Jun-ho of the Democratic Party, a member of the National Assembly’s Political Affairs Committee, revealed data submitted by the Financial Supervisory Service. According to the information, 14 domestic banks disbursed a total of ₩6.5422 trillion as voluntary retirement payments from 2019 until August of this year. During this period, a total of 16,236 employees opted for voluntary retirement, resulting in an average payout of ₩429.4 million per person.

The voluntary retirement bonuses typically include special severance pay, education assistance for children, and job placement support, in addition to the statutory severance pay.

Citi Bank recorded the highest average voluntary retirement payment per employee, having disbursed ₩1.2794 trillion in 2021, which translates to an average of ₩600.8 million per person. Some employees reportedly received close to ₩770 million in voluntary retirement pay.

Other banks' average payouts include KB Kookmin Bank at ₩375.19 million, Shinhan Bank at ₩344.29 million, Hana Bank at ₩347.09 million, Woori Bank at ₩416.4 million, and NH Nonghyup Bank at ₩346.65 million. Regional banks also provided substantial amounts, with Busan Bank offering an average of ₩412.96 million and Jeonbuk Bank at ₩408.5 million.

 

 

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