From late last year to early this year, about 2,400 bank employees at the five major banks — KB Kookmin, Shinhan, Hana, Woori, and NongHyup — left their companies through voluntary retirement.
According to the financial sector on the 1st, 2,364 people took voluntary retirement at the five major banks during this period. That is a similar level to the same period last year (2,324 people).
At Shinhan Bank, 669 people left the company through voluntary retirement this year. At NongHyup Bank, which received applications for voluntary retirement in Dec., 443 people also retired. They were followed by KB Kookmin Bank with 549, Hana Bank with 283, and Woori Bank with 420.
This year, depending on years of service and other factors, banks paid up to 28–31 months of wages as voluntary retirement pay. Recently retired bank employees are estimated to have received an average of 400 million–500 million won, and as much as about 1 billion won.
According to bank-by-bank management status reports for 2024, which are similar in conditions to this year, the average voluntary retirement pay per person at the five major banks was in the low-to-mid 300 million won range. Adding roughly 100 million won in basic severance brings the average severance to around 400 million won.
The age for voluntary retirement at banks is trending lower. In the voluntary retirement carried out from late last year to early this year, Shinhan Bank and Woori Bank accepted applications from employees born as late as 1985.