Average Annual Pay of Male Employees Breaks 100 Million Won Mark in Majority of Financial Companies

Half of the top 20 financial companies in Korea paid more than 100 million won (US$92,375) on average to their male employees last year. 

According to the companies’ 2014 business reports recently submitted to the Financial Supervisory Service, the average annual salary of the male employees exceeded 100 million won in a total of 10 financial companies in the five business segments of banking, securities, life and non-life insurance, and credit cards. In particular, the amounts in the securities and insurance sectors are estimated to have increased a lot compared to 2013, although the exact averages for 2013 are not available with the fiscal year standard changed last year. 

The 10 companies are divided into four banks out of five, half of four securities firms, two out of three life insurers, one out of four non-life insurers and one out of four credit card companies. 

In the meantime, the average annual salary of their female employees stood at around 60 percent of that of the men. For example, KB Kookmin Card paid an average of 54 million won (US$49,760) to its female employees last year, equivalent to approximately half of what was paid to the others. 

“The amount of the pay depends not on the gender but on the position,” said an industry insider, adding, “It seems that the male employees took more pay because they were at higher positions and worked for a longer period of time.”