Woori Bank is set to launch an employee-exclusive card to boost staff morale and motivation. With benefits suitable for everyday use and full coverage of the annual fee amounting to 200,000 won, it has become a hot topic internally.
According to the financial industry on the 12th, Woori Bank plans to introduce the employee-exclusive card next month. This is a credit card different from the existing welfare card. Woori Bank and Woori Card have reportedly been preparing the employee-exclusive card over the past nine months. While the exact card benefits have not been disclosed, it is expected that 10-30% of Woori WON Members Points will be earned in 12 frequently used categories for daily consumption. Additionally, free access to airport lounges and valet services will also be provided.
What is particularly welcomed by employees is the fact that the entire annual fee of 200,000 won is covered. An annual fee of 200,000 won is considered quite expensive among credit card products. Correspondingly, the benefits are diverse. For example, with a similar annual fee of 200,000 won, the Hyundai Card Summit provides 1.5% M Points for all domestic and international merchants and 5% M Points in the education, hospital, travel, and golf sectors. A voucher worth 150,000 won usable at department stores and hotels is also offered.
There are also concerns that supporting the annual fees for all employees may impose a significant burden on the bank's revenue. As of March this year, Woori Bank has 29 executives and 14,051 employees, meaning that supporting an annual fee of 200,000 won for every employee would consume 2.816 billion won in resources. This could pose a short-term burden on Woori Bank's revenue, which is focused on managing credit soundness this year.