[Exclusive] Professor Salaries of 400 Million Won... Korea Electric Power University Not Jealous of the 'God's Workplace'

Kepco University Full Professors Earn 200 Million KRW... Associate Professors 400 Million KRW
National 4-Year University Average is 120 Million KRW... Nearly Double Difference
Higher than 4 Major Science and Technology Institutes... Some View Salary as Excessive
Kepco, Operating at a Deficit, Funds Operating Costs... 1.6 Trillion KRW Expected
Kepco University States "Considering Key Experience... Salaries Are Appropriate"

Fireworks Exploding at Korea University of Energy and Technology
(Naju=Yonhap News) Reporter Jo Namsu = On the morning of March 2nd, fireworks exploded at the entrance ceremony and vision proclamation ceremony held at Korea University of Energy and Technology in Naju, Jeollanam-do. Korea University of Energy and Technology, which welcomed its first freshmen on this day, is the world's first energy-specialized research and startup-focused university, operated as a small elite university with 400 undergraduates (100 per grade) and 600 graduate students. [Joint Coverage] 2022.3.2
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[Asia Economy Sejong=Reporter Lee Jun-hyung] The annual salary of professors at Korea Energy Engineering University (KEEU) was found to be nearly twice the national average for four-year universities. KEEU is a university established with funding from Korea Electric Power Corporation (KEPCO) as a national project under the Moon Jae-in administration. There are concerns that the salaries are excessively high compared to other universities with similar founding purposes.

According to data submitted by KEPCO to the office of National Assembly member Han Mu-kyung of the People Power Party on the 17th, the average annual salary of 15 full professors at KEEU was 200 million KRW. The average salary of scholar-level full professors, who make up about 20% (10 out of 48) of the total faculty, was 400 million KRW. Additionally, the average salaries for associate professors (10) and assistant professors (13) were 150 million KRW and 120 million KRW, respectively. KEEU spends about 10.06 billion KRW annually on the salaries of its 48-member faculty.

Average Annual Salary by Faculty Rank at Korea Energy Engineering University (KEEU).
[Photo by Korea Electric Power Corporation & Han Mu-gyeong, Office of the People Power Party Lawmaker]

Average Salary at Four-Year Universities is 120 Million KRW... KEEU’s Salary is Twice as High

Professor salaries at KEEU are among the highest in the country. According to the Ministry of Education, the average annual salary for full professors at four-year universities nationwide last year was 120.13 million KRW. Narrowing the scope to national and public universities, the average full professor salary was 114.42 million KRW, about 6 million KRW less than the national average. Compared to KEEU’s general full professor salary (200 million KRW), the difference is nearly double. Including scholar-level professors, the average full professor salary at KEEU (280 million KRW) is about 2.5 times higher than the average at national and public universities nationwide.

Some argue that KEEU’s salaries are excessively high. The salary gap is significant not only compared to general four-year universities but also to universities with similar founding purposes. The Korea Electric Power International Nuclear Graduate School (KINGS), under KEPCO, is a representative example. The average full professor salary at KINGS is 144.05 million KRW, about 60 million KRW lower than KEEU’s 200 million KRW. The average professor salaries at the four major science and technology institutes, including KAIST, are reported to be in the low to mid-100 million KRW range.

KEPCO, Plunged into 'Deficit Abyss,' Bears Operating Costs... 1.6 Trillion KRW to be Invested by 2031

The problem is that KEPCO, which is mired in a 'deficit abyss,' is financing KEEU’s operating funds. Most of KEEU’s establishment and operating costs are borne by KEPCO and other power group companies. KEPCO expects to invest 1.6112 trillion KRW in KEEU’s establishment and operation costs by 2031. KEPCO has already contributed over 150 billion KRW to KEEU from 2019 to the present.

There are voices suggesting that KEEU’s salary levels are not unrelated to the controversy over its 'hasty opening.' KEEU opened in March, near the end of the Moon Jae-in administration, with only one four-story building, drawing criticism for pushing the opening prematurely. Students have to live in a temporarily remodeled golf hotel until the official dormitory is completed in 2025. An energy-related department professor who requested anonymity said, “It seems KEEU offered high salaries to secure quality faculty during the rushed preparation for opening,” adding, “The fact that the school is located in a remote area compared to universities in the metropolitan area is also likely related to the salary levels.”

KEEU explained the professor salaries as “a result of considering major career achievements.” A KEEU official stated, “We are striving to build a world-class faculty to lead innovation in energy education and research,” and added, “Considering this, we are paying appropriate levels of salaries.”