Internet Banks Scramble to Woo Employees with Rewards

This file photo, taken June 9, 2021, shows Toss' headquarters in southern Seoul. (Yonhap)

This file photo, taken June 9, 2021, shows Toss’ headquarters in southern Seoul. (Yonhap)

SEOUL, Nov. 26 (Korea Bizwire)South Korean internet-only banks are pulling out all the stops to attract new employees with competition intensifying in the industry.

Toss Bank held a shareholder’s meeting on Thursday and decided to offer 600,000 shares in stock options to 30 management employees.

The price of the stock options stands at 5,000 won (US$4.19) per share. The recipients will be able to buy or sell the stocks after Nov. 30, 2023.

Toss Bank has been promising to introduce stock options for managers who contributed to the bank’s establishment.

The intent is to secure a core group of committed employees and share the success of business growth between shareholders and staff.

Last week, Kakao Bank Corp. attracted attention after making a surprising announcement to offer a raise to all employees.

The bank also decided to give out stock options worth 30 percent of the employee’s monthly wage, as well as bonuses worth 20 percent of their wage.

If the decision takes effect, KakaoBank employees will get a raise of 10 million won ($8,370) on average with stock options and bonuses given out separately.

Ashley Song (ashley@koreabizwire.com)


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