A person walks past the ATMs of various banks at a building in Seoul, March 8. Yonhap
After retiring in 2024 from a three-decade career at Woori Bank, a 55-year old man surnamed Lee is back at the bank on contract as a specialist handling post-loan management.
He was rehired in January to monitor loans and manage credit risk after disbursement.
"I applied after hearing about the rehiring program because I wanted to put my experience to use in my second career," Lee said. "I worked my way up to branch manager, so I can share that experience with younger staff. I'm also learning a lot from them in this fast-changing banking environment."
Korea's major banks are increasingly rehiring retired employees like Lee as they close branches and cut staff, tapping experienced workers to fill expertise gaps on the ground.
According to industry data, released Monday, the five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — have rehired 5,458 retired employees on contract between 2021 and February this year, averaging about 1,000 a year. About 290 were rehired in the first two months of this year alone.
These rehired bankers are increasingly filling gaps left by staff reductions as lenders push ahead with restructuring.
The five banks' combined workforce stood at 63,230 in 2025, down 1,418 from a year earlier, largely due to voluntary retirement programs. KB Kookmin posted the largest reduction, with 583 fewer employees, followed by Shinhan with 492, Woori with 344 and NH Nonghyup with 25.
As lenders continue to scale back offline operations, the number of branches at the five banks stood at 3,748 as of 2025, down 94 from a year earlier.
Industry officials said the rehired workers are being deployed to roles that require specialized expertise, including wealth management, corporate and investment banking and internal controls.
Source: Korea Times News
