Receiving 13.9 Million KRW Monthly After Retirement in May Next Year
Previously Unable to Receive Pension Due to Impeachment and Imprisonment Sentences
[Asia Economy Reporter Na Yeeun] It appears that President Moon Jae-in will receive a pension of approximately 13.9 million KRW per month after his retirement in May next year. President Moon, who took office on May 10, 2017, will complete his term and leave the Blue House on May 9 next year.
According to the '2022 Budget and Fund Operation Plan Project Explanation Materials' from the Ministry of the Interior and Safety, disclosed by Lee Young, a member of the People Power Party, on the 8th, the annual pension President Moon will receive after retirement under the "Act on the Treatment of Former Presidents" (hereinafter referred to as the Former Presidents Act) is about 166.9 million KRW. Dividing this by 12 months means he will receive about 13.9 million KRW per month.
The government pays pensions to former presidents or their survivors according to the Former Presidents Act and its enforcement decree. Former presidents receive 95% of the "annual presidential salary at the time of payment," while survivors (spouse or children) receive 70% as a pension. The annual presidential salary refers to an amount equivalent to 8.85 times the monthly presidential salary for the month in which the pension payment date falls.
According to next year's budget proposal submitted to the National Assembly, President Moon's salary will remain frozen for the fourth consecutive year at approximately 238.22 million KRW, the same as this year. Accordingly, President Moon's annual salary amount is about 175.56 million KRW, and 95% of this amount, 166.9 million KRW, is expected to be set as the annual pension amount after retirement.
In addition to the pension, the government also provides former presidents with various allowances such as transportation and communication expenses, secretariat activity expenses, vehicle support expenses, overseas travel expenses, private medical expenses, and caregiver support expenses under the Former Presidents Act.
Next year's budget for each category is expected to increase compared to this year as follows: △ Allowances 260 million KRW → 394 million KRW △ Secretariat activity expenses 72 million KRW → 114 million KRW △ Vehicle support expenses 76 million KRW → 121 million KRW △ Overseas travel expenses 48 million KRW → 85 million KRW △ Private medical expenses 120 million KRW (same as this year and next year) △ Caregiver support expenses 43 million KRW → 87 million KRW.
According to the Ministry of the Interior and Safety, currently, no former presidents are receiving pensions. Under the Former Presidents Act, if a president was impeached and removed from office during their term or was sentenced to imprisonment or higher, most of the benefits including pensions are revoked. Therefore, former presidents Chun Doo-hwan, Roh Tae-woo, Lee Myung-bak, and Park Geun-hye, who were sentenced to prison terms, do not receive pensions.
If former President Park had not been impeached and sentenced to prison, she could have received an annual pension of about 148.54 million KRW and a monthly pension of about 12.37 million KRW based on her then salary of 212.01 million KRW.
Also, the "survivor pension," which is 70% of the presidential salary amount, is currently received by two individuals: Son Myung-soon, spouse of former President Kim Young-sam, and Kwon Yang-sook, spouse of former President Roh Moo-hyun.
Meanwhile, President Moon is currently constructing a private residence in Pyeongsan Village, Jisan-ri, Habuk-myeon, Yangsan-si, Gyeongnam Province, where he will reside after retirement. Former presidents use personal funds for building their residences, but government budgets are used for security facility costs. President Moon and his wife purchased land and a house last year for 1.47 billion KRW to build the residence. The government has secured a budget of 2.2 billion KRW for purchasing the security facility site and 3.989 billion KRW for constructing the security building.
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