"100 'Kim & Chang-bound Economic Bureaucrats' in the Last 10 Years... Average Annual Salary 300 Million KRW"

Democratic Party Rep. Kim Hoe-jae: "Using Public Office Experience to Act as a De Facto 'Lobbyist'... Measures to Prevent Preferential Treatment for Former Officials Must Be Established"

[Asia Economy Sejong=Reporter Son Seon-hee] It has been revealed that over the past 10 years, about 100 former economic ministry officials have moved to the major domestic law firm 'Kim & Chang.' Their average annual salary reached approximately 300 million KRW.

According to data on the 'Status of Economic Ministry Officials' Job Changes to Kim & Chang' submitted by the National Health Insurance Service to Kim Hoe-jae, a member of the Democratic Party of Korea, from 2012 to last year, about 100 officials from six major economic ministries and related institutions?including the Ministry of Economy and Finance, the Fair Trade Commission, the Financial Services Commission, the National Tax Service, the Financial Supervisory Service, and the Bank of Korea?transferred to Kim & Chang.

Looking at the number of job changers by institution, the Financial Supervisory Service had the highest number with 30, followed by the National Tax Service (24), the Bank of Korea (17), the Fair Trade Commission (14), the Ministry of Economy and Finance (10), and the Financial Services Commission (5).

At the time these approximately 100 officials retired from the economic ministries, their average annual salary was 67.07 million KRW, but after moving to Kim & Chang, their average annual salary increased more than fourfold to 297 million KRW (as of the end of 2021).

Representative Kim stated, "Former officials are leveraging their public service experience entrusted by the people to act as de facto lobbyists, gaining enormous private benefits," and pointed out, "There is a need to strengthen anti-lobby regulations and establish institutional measures to prevent preferential treatment for former officials."