© Reuters. FILE PHOTO: An worker walks at an empty park close to a monetary district in Seoul, South Korea, September 10, 2020. REUTERS/Kim Hong-Ji
SEOUL (Reuters) – South Korea launched a job power on Wednesday to check methods to enhance enterprise practices and pay schemes at banks, days after the nation’s president known as on lenders to assist curb the cost-of-living burden on susceptible individuals.
The panel is headed by the deputy chief of the highest monetary regulator, the Financial Services Commission (FSC), and contains regulators, students, researchers and officers from monetary trade associations, the FSC stated in an announcement.
Kim So-young, vice chairman of the FSC, stated on the panel’s inaugural assembly that it will research methods to spice up competitors both between current banks or by permitting entries of area of interest service suppliers.
The panel would additionally look into methods to assist banks diversify their enterprise practices, at the moment closely dependant on rate of interest margins, and enhance their pay construction, he stated.
It would additionally focus on attainable measures to strengthen capital buffers in opposition to exterior shocks.
President Yoon Suk-yeol and different authorities officers have stated there may be rising public discontent over reviews of massive performance-sharing and early-retirement bonus funds by banks.