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Bank of Korea chief earns much more than US Fed chairman

Bank of Korea chief earns much more than US Fed chairman

Posted February. 25, 2013 05:40,   


What is the relationship between the size of an economy and the annual salary of the country`s central bank chiefs? A comparison of the U.S., the world’s largest economy, and Korea, which ranked 15th last year, suggests that the salary rankings of the two countries` central bank chiefs are in reverse order.

According to the Bank of Korea and central banks of other countries Sunday, the annual salary of U.S. Federal Reserve Board Chairman Ben Bernanke is 199,700 U.S. dollars, or 225 million won.

In comparison, Bank of Korea Gov. Kim Choong-soo has earned 340 million won (314,000 dollars) a year, including 250 million won (230,000 dollars) in basic salary and 90 million won (83,000 dollars) in allowances and benefits, since his inauguration in 2010. Apart from his basic salary, Kim received an extra 90 million won in allowances paid to expedite his work process, including financial gifts and expenses to subsidize events he hosted or attended last year.

The world`s highest-paid central bank chief is the head of the Bank of England. The U.K. has the world’s No. 6 economy, but Mark Carney, head of Canada’s central bank who will take over the Bank of England in July, is set to earn 480,000 British pounds (727,944 dollars) per year.