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Photo = Yonhap news |
[Alpha Biz= Kim Sangjin] A significant wave of voluntary retirements is sweeping across the banking sector from the beginning of the year. Over 2,000 employees are expected to leave the five largest banks in South Korea—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—this year.
Notably, Shinhan Bank has seen a surge in voluntary retirements, with the number of retirees more than doubling compared to last year. Employees are increasingly opting for early retirement, driven by the ongoing digital transformation, the reduction of bank branches, and a tough business environment this year, leading many to seek a "second life" while still relatively young.
According to reports from the banking industry on Monday, Shinhan Bank has confirmed 541 voluntary retirements for this year, more than double the 234 from last year. The retirees include some employees in their 30s.
Shinhan, which had the fewest voluntary retirements until last year, expanded its target pool this year to include employees born in 1986, leading to a significant increase in retirees. Special severance payments, equivalent to 7 to 31 months of average monthly salary, were given based on birth year.
NH Nonghyup Bank saw 391 employees leave as of December 31 last year, an increase of around 20 from the previous year (372). KB Kookmin Bank received voluntary retirement applications from January 26 to 31, with a total of 647 employees deciding to retire—27 fewer than last year. Together, these three banks have seen over 1,500 employees leave.
Hana Bank and Woori Bank, which also received voluntary retirement applications earlier this month, are expected to finalize their figures by January 31. Last year, voluntary retirements at these two banks totaled 325 and 362, respectively.
As a result, it is projected that the total number of voluntary retirements across the five largest banks will exceed 2,000 this year. In comparison, last year, the voluntary retirements across the five banks were 21% lower than the previous year, totaling 1,967 employees.
알파경제 Kim SangJin (letyou@alphabiz.co.kr)
