According to the government’s budget plan for 2022 on Thursday, South Korean President Moon Jae-in will receive an annual pension of 166.9 million won ($142,500) along with other benefits after his retirement in May next year.
Under the Honourable Treatment of Ex-Presidents Act, a former president is entitled to a pension worth 95 percent of presidential salary. Based on his current salary of over 175.56 million won this year, his monthly payment after retirement will be 13.9 million won.
President Moon Jae-in is expected to be the only living former president to receive the presidential pension. According to the law, the other four living former presidents – Park Geun-hye, Lee Myung-bak, Roh Tae-woo, and Chun Doo-hwan– are denied this right as they were impeached, removed or resigned from the office, or jailed. However, the wives of President Kim Young-sam and Roh Moo-hyun receive pensions as surviving spouses.
Other services along with the pension include lifetime protection, allowances for travel, office expenses, transportation, healthcare, and subsidies to pay domestic staff.
President Moon and the first lady Kim Jung-sook are to move to a rural area in Yangsan, South Gyeongsang Province for their retirement, where they purchased a 2,630-square-meter property for 1.06 billion won. The government has also allocated funds to build a facility for the bodyguards there. The refurbishment work in the area is expected to be completed by the end of this year.