It has been confirmed that the number of employees from the Financial Supervisory Service (FSS) who have entered law school while maintaining their affiliation with the FSS this year has increased by about three times compared to previous years. Rumors are circulating that after the term of Director Lee Bok-hyun ends in June, the FSS will begin to tighten its grip on financial supervision, leading to a surge in demand for self-development support programs to obtain certifications and avoid chaotic situations.
According to political circles and financial authorities on the 12th, a total of 8 employees from the FSS have been identified as having entered law school this year using the system of academic leave or voluntary leave. This is double the number of 4 from last year and 2.7 times more than the annual average of 3.
There are two ways for employees who have worked at the FSS for more than five years to enter law school without leaving the company. First, there is the academic leave system. Academic leave recipients can receive up to 10 million won per year for tuition support for two years of the three-year degree process. They also receive a monthly salary.
However, if an academic leave recipient does not pass the bar exam, they must return half of the support funds. Additionally, they must work at the FSS for double the duration of the support received. If they leave the company before that, they must repay the tuition fees.
There is also a method of utilizing the voluntary leave system, which requires funding from the employee. According to the FSS's personnel management regulations, employees who need to care for sick, injured, or elderly family members, plan to obtain a master's degree or higher necessary for enhancing expertise, or must accompany a spouse who is going abroad for work, study, or training can take voluntary leave.
Among FSS employees, voluntary leave is essentially considered a leave of absence for attending law school. This is because in March 2014, the FSS added the phrase 'within three years for law schools' to the approval period for voluntary leave for obtaining a master's degree, thereby opening the path for employees to attend law school. There is no limitation on the number of trainees. Leave is generally approved if it falls under the acceptable reasons.
This year, it is reported that most of the law school admissions were done through the voluntary leave system. The FSS stated, "The reasons for the voluntary leave of absence cannot be disclosed."
According to the office of Democratic Party lawmaker Park Sang-hyuk, since the introduction of the law school system in Korea in 2009, a total of 48 employees from the FSS have entered law school through academic leave or voluntary leave until last year. Of these, 13 obtained bar certifications and left the company.
What is the reason for the increase in FSS employees entering law school this year? Recently, within the FSS, there have been comments suggesting that once Director Lee Bok-hyun, who has sparked controversy over power abuse throughout his term, resigns in June, the Financial Services Commission will intensify its grip on the FSS. As the company is expected to become chaotic from the second half of the year, there are interpretations that the demand for utilizing self-development programs that employees have considered has increased.
There are also analyses suggesting that the attractiveness of the FSS as a workplace is gradually decreasing, making this a natural phenomenon. An employee in their 40s at the FSS stated, "The workload has been quite intense under Director Lee Bok-hyun, so many employees are exhausted," adding, "There seems to be considerable demand for studying and recharging at the same time."
Another employee, identified as B, remarked, "Considering the treatment relative to the workload, the attractiveness of the FSS as a financial sector workplace has decreased significantly compared to the past," and noted, "There are many colleagues preparing for career advancements."