By Park Hyong-ki
Major commercial banks have begun their recruitment process for the second half of this year, according to the Korea Federation of Banks (KFB).
The federation said local banks are expected to hire 4,800 young people in total this year, up 60 percent from last year.
The KFB had indicated this number of hiring when it hosted a meeting between banks' chief executives and Financial Services Commission Chairman Choi Jong-ku last May.
Choi urged the bank CEOs to increase their recruitment of young people, as well as expand their voluntary retirement programs.
His remark caused a bit of a stir, even though his intentions were good _ hire more young people who are facing rising joblessness.
Banks said they took his comment as a suggestion, nothing more and nothing less, because company recruitment plans are not something the government can control and direct in its favor.
"We all have our own plans drawn up in accordance with the circumstances of the company and the economy. I doubt any banks have been forced to hire beyond the capacity they can manage operationally and financially," a Woori Bank spokesman said.
Woori Bank is expected to hire about 700 people this year, including 300 in the second half, according to the bank.
The most ideal organization structure and shape is the pyramid in which young workers account for a majority of their manpower, with a few seats at the top.
Again, however, for any bank, this is "ideal, but realistically difficult" to achieve.
"No banks can force their older workers to leave after they turn 55. They have a choice between working under the peak wage system or exploring a second life after retirement," said a KEB Hana Bank spokesman.
KEB Hana Bank's plan is to hire 400 to 500 in total this year.
Banks were the first to adopt the system under which workers can continue working after 55 with a reduction in their annual pay in phases until they turn 60. Some of them also provide in-house programs for their older workers to prepare for retirement.
Even though banks would inevitably have to downsize their offline operations, they are expanding their engineering workforce as they make a digital transformation.
KB Kookmin Bank has begun its process, with a key focus on increasing the number of its computer programmers and engineers. The bank plans to recruit 700, including 130 computer programmers and data scientists in the second half.
"There will be increasing demand for young programmers as banks further digitalize their services and expand the use of big data and artificial intelligence technologies," a KB spokesman said.
Shinhan Bank said it hired 300 people in the first half, but has not yet drawn up its recruitment map for the second half.
Major commercial banks have begun their recruitment process for the second half of this year, according to the Korea Federation of Banks (KFB).
The federation said local banks are expected to hire 4,800 young people in total this year, up 60 percent from last year.
The KFB had indicated this number of hiring when it hosted a meeting between banks' chief executives and Financial Services Commission Chairman Choi Jong-ku last May.
Choi urged the bank CEOs to increase their recruitment of young people, as well as expand their voluntary retirement programs.
His remark caused a bit of a stir, even though his intentions were good _ hire more young people who are facing rising joblessness.
Banks said they took his comment as a suggestion, nothing more and nothing less, because company recruitment plans are not something the government can control and direct in its favor.
"We all have our own plans drawn up in accordance with the circumstances of the company and the economy. I doubt any banks have been forced to hire beyond the capacity they can manage operationally and financially," a Woori Bank spokesman said.
Woori Bank is expected to hire about 700 people this year, including 300 in the second half, according to the bank.
The most ideal organization structure and shape is the pyramid in which young workers account for a majority of their manpower, with a few seats at the top.
Again, however, for any bank, this is "ideal, but realistically difficult" to achieve.
"No banks can force their older workers to leave after they turn 55. They have a choice between working under the peak wage system or exploring a second life after retirement," said a KEB Hana Bank spokesman.
KEB Hana Bank's plan is to hire 400 to 500 in total this year.
Banks were the first to adopt the system under which workers can continue working after 55 with a reduction in their annual pay in phases until they turn 60. Some of them also provide in-house programs for their older workers to prepare for retirement.
Even though banks would inevitably have to downsize their offline operations, they are expanding their engineering workforce as they make a digital transformation.
KB Kookmin Bank has begun its process, with a key focus on increasing the number of its computer programmers and engineers. The bank plans to recruit 700, including 130 computer programmers and data scientists in the second half.
"There will be increasing demand for young programmers as banks further digitalize their services and expand the use of big data and artificial intelligence technologies," a KB spokesman said.
Shinhan Bank said it hired 300 people in the first half, but has not yet drawn up its recruitment map for the second half.
![[VIDEO] Filipina K-pop idol and K-drama actress react to stereotypes about the Philippines](https://img.koreatimes.co.kr/upload/thumbnailV2/230201chantyjoyce2web_5891a49058fb1.jpg/dims/resize/178/optimize)
![[INTERVIEW] Tati Gabrielle, actress of Korean, African-American descent, feels proud of her heritage](https://img.koreatimes.co.kr/upload/thumbnailV2/d2f45162b11d4965a7168093560f59e3.jpg/dims/resize/178/optimize)
