[Exclusive] Ministry of Economy and Finance Official Also Moves to Coupang... Public Officials Continue to Pursue High-Paying Private Sector Jobs

Ministry of Economy and Finance Team Leader Set to Join Coupang After Employment Review
First Case from the Ministry... More Public Officials Moving to Coupang
Notable Moves to Private Sector Include Bungaejangter and DB HiTek

Recently, attention has been drawn to the fact that officials from ministries such as the Fair Trade Commission and the Ministry of Employment and Labor have moved to Coupang. Now, there is a case of an official from the Ministry of Economy and Finance making a similar move. It has been confirmed that a level 4 official from the Ministry of Economy and Finance is undergoing the necessary procedures to join Coupang.

According to the Ministry of Economy and Finance and Coupang on June 25, a team leader (level 4, equivalent to Deputy Director) from the ministry, referred to as A, resigned this month and will undergo a job suitability review at the Government Public Officials Ethics Committee of the Ministry of Personnel Management next month in order to join Coupang.The destination for A is Coupang, a private company. Coupang has been proactive in recruiting public officials, and this is the first time that someone from the Ministry of Economy and Finance will move directly to Coupang.

An official from the Ministry of Economy and Finance stated, "Unlike other government ministries, our ministry does not have direct ties with Coupang, so this transition is unlikely to be difficult." The official explained that, since the ministry does not directly regulate or supervise Coupang, there should not be any employment restrictions. Given that a level 5 official from the Fair Trade Commission recently moved to Coupang as an executive director, it is highly likely that A will also take a position at the executive director level or higher.

Coupang has drawn attention for recruiting numerous former and current public officials to strengthen its legal and government affairs functions and risk management. The backgrounds of those who have chosen to join Coupang are diverse, including the National Assembly, the Presidential Office, prosecutors and police, the Board of Audit and Inspection, and the Fair Trade Commission. Most recently, level 5 and 6 officials from the Ministry of Employment and Labor have moved to Coupang Logistics Service (CLS), Coupang's delivery subsidiary. With the addition of a Ministry of Economy and Finance official, Coupang's pool of public official talent has become even more robust.

Inside and outside the government, there is analysis that both demand and supply factors are at play in the recent trend of public officials moving to Coupang. Compared to private companies, public sector salaries are not as high and the workload is intense, so more officials are opting for private-sector jobs with annual salaries exceeding 100 million won. One government official said, "There were rumors that the official who moved to Coupang as a deputy director significantly increased their salary, reaching hundreds of millions of won," adding, "It's only natural that this would become a hot topic."

According to the Public Officials Ethics Committee, as of this year, there have been a total of two cases of officials from the Ministry of Economy and Finance moving to private companies through last month.In April, a level 3 official who retiredbecame a director at Bungaejangter, a secondhand trading platform, this month,after undergoing a job suitability review and receiving approval last month.In March, Hong Namki, former Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, who retired in May 2022, received approval to become an outside director at DB HiTek, a foundry (semiconductor contract manufacturing) company.

There are other cases as well. Last August, a senior general service official who retiredreceived approval last month to be listed as the full-time vice chairman of the Korea Listed Companies Association.In the case of a level 4 official who retired in December last year, he became a non-executive director at Korea Railroad Corporation after undergoing a review and receiving approval in April.