 |
Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, June 4 — Voluntary retirements at South Korea’s five major banks, including KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup Bank, approached 2,500 employees last year as lenders accelerate workforce restructuring amid digital transformation.
According to data from the Korea Federation of Banks, a total of 2,470 employees left under voluntary retirement programs in 2024, up 24% from the previous year and the highest level since 2021.
The increase was driven in part by expanded eligibility, with some banks lowering the age threshold to employees in their 40s. Generous severance packages — averaging about 348 million won per person — have also encouraged early exits, with total payouts often reaching 400 million to 500 million won including statutory retirement benefits.
Despite average annual salaries exceeding 100 million won, banks continue to streamline their workforce in response to digitalization and changing industry dynamics.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
