Bank federation chairman will donate 20% of his salary

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Bank federation chairman will donate 20% of his salary

Published: 27 Jan. 2015, 20:32

Korea Federation of Banks Chairman Ha Young-koo has decided to donate 20 percent of his annual salary for social contribution after the leaders of the bank lobby group decided to freeze their salaries, the federation said Tuesday.

Executives from the lobby group have frozen their salaries for the past three consecutive years.

The chairman said the decision comes at a time when most commercial banks are struggling from falling profitability under the harsh economic conditions.

Ha’s annual salary is roughly 730 million won ($676,000), which is the highest among any banking organization heads.