Hyundai Motor to Pay Honorary Chairman Chung Mong-koo 55 Billion KRW Including Retirement Allowance

Reflecting 47 Years of Service... Retirement Allowance Approximately 52.7 Billion Won

[Asia Economy Reporter Yoo Je-hoon] Chung Mong-koo, Honorary Chairman of Hyundai Motor Group, received approximately 52.7 billion KRW in retirement pay from Hyundai Motor Company.

According to the Financial Supervisory Service's electronic disclosure system on the 16th, Hyundai Motor paid Honorary Chairman Chung a total salary of 55.015 billion KRW last year. The earned income was 2.27 billion KRW, and the retirement income was 52.738 billion KRW.

The retirement pay of 52.738 billion KRW for Honorary Chairman Chung reflects the retirement amount (52.732 billion KRW) based on his 47 years of service, plus a long-term service retirement incentive of 6 million KRW paid to all employees according to length of service.

Hyundai Motor explained, "The retirement standard salary was calculated based on individually determined annual salaries according to the executive personnel and treatment regulations, and the final retirement pay was calculated by multiplying the retirement standard salary by the executive’s length of service and payment rate."

Honorary Chairman Chung also received 2.277 billion KRW as earned income. This amount is based on his tenure as chairman (January 1, 2020 to October 13, 2020). Hyundai Motor added, "Based on internal standards, we comprehensively reflected rank, length of service, leadership, expertise, and contribution to determine a total salary of 3.36 billion KRW, and paid it considering role changes during the tenure."

Meanwhile, Chung Eui-sun, Chairman of Hyundai Motor Group, received 4.08 billion KRW. His salary was 3.062 billion KRW, and his bonus was 946 million KRW.