42 Former Officials Rehired at Insurance, Capital, and Finance Institutes Over 10 Years... "Reduced to Post-Retirement Channel" [2025 National Audit]

Kim Yongbeom and Lee Eogweon Rehired Twice
Lee Heonseung: "Eligibility Criteria Should Be Broadened"

It has been revealed that 42 former officials from financial authorities have been rehired by the Korea Institute of Finance, the Korea Insurance Research Institute, and the Korea Capital Market Institute over the past ten years. Criticism has arisen that these financial research institutions have become channels for post-retirement reemployment for former regulators.

Korea Institute of Finance CI. Institute of Finance

According to data obtained from the three institutions by Assemblyman Lee Heonseung of the People Power Party, a member of the National Assembly's Political Affairs Committee, 42 former financial authorities were rehired over the past decade as invited or non-standing research fellows at these institutions.

At the Korea Institute of Finance, 10 former high-ranking officials-including a Deputy Prime Minister for Economic Affairs, a Senior Presidential Secretary for Economic Affairs, a First Vice Minister of Economy and Finance, and a Chairman of the Financial Services Commission-were rehired as invited research fellows. Additionally, nine former officials joined as non-standing research fellows.

Fifteen former officials joined the Korea Capital Market Institute as invited research fellows, while eight joined the Korea Insurance Research Institute in the same capacity.

Lee Eog-weon, Chairman of the Financial Services Commission, who recently came under scrutiny at a personnel hearing for "holding multiple positions," served as an invited research fellow at the Korea Capital Market Institute for 24 months in 2022 and as a non-standing research fellow at the Korea Institute of Finance for 11 months last year, receiving approximately 178 million won in compensation.

Kim Yongbeom, Chief Policy Officer at the Presidential Office, also served twice as an invited research fellow at the Korea Institute of Finance in 2019 and 2021, receiving about 65 million won.

According to the "Guidelines for the Operation of the Invited Research Fellow System" at the Korea Institute of Finance, eligibility is limited to those who have served as vice-minister or higher in financial authorities, or as the head of a commercial bank.

Other institutions similarly restrict eligibility to those who have served as grade 1 civil servants or at the vice-minister level or higher.

This structure makes it inevitable that most invited fellows are former high-ranking financial authorities.

There are no rules prohibiting concurrent positions or performance management for invited or non-standing research fellows. Most positions are managed as discretionary work, meaning attendance is not strictly monitored.

Assemblyman Lee stated, "It is problematic that former high-ranking officials from financial authorities are being rehired at research institutions funded by private financial institutions and are receiving large sums in compensation," adding, "The eligibility criteria for invited research fellows should be broadened and a performance management system should be established."