Bank of Korea Governor’s Salary Tops 400 Million Won, Exceeding Fed Chair’s by 132 Million Won

The Bank of Korea headquarters in Seoul The Bank of Korea governor’s annual salary surpassed 400 million won, or approximately $296,692, last year, exceeding the compensation of central bank heads in major economies including the United States and Japan. The salaries of Monetary Policy Board members are also approaching 400 million won, reflecting a broader upward trend in the institution’s pay structure. According to data the Bank of Korea submitted to the National Assembly for a parliamentary audit on Oct. 14, the governor’s annual salary totaled 405.5 million won last year. Following 380.5 million won in 2023 and 393.3 million won in 2024, the figure increased by 12.2 million won, or 3.1%, from the previous year. The amount includes the base salary and other performance bonuses paid to former Governor Rhee Chang-yong, who stepped down in April this year. Compared with central banks in major economies, the Bank of Korea governor’s compensation remains higher than that of the U.S. Federal Reserve chair and the Bank of Japan governor. The Fed chair’s annual salary is $203,500, equivalent to approximately 273 million won, while the Bank of Japan governor received approximately 321 million won, or 37.814 million yen, last year. The Bank of Korea governor earned roughly 132 million won more than the Fed chair and approximately 85 million won more than the Bank of Japan governor. However, the governor’s compensation falls short of that of central bank heads in Europe and the United Kingdom. The European Central Bank president’s basic salary last year was approximately 739 million won, or 492,204 euros, while the Bank of England governor’s annual basic salary reached approximately 896 million won, or 495,000 pounds. Salaries for Monetary Policy Board members and senior officials also rose across the board. The average annual salary for a Monetary Policy Board member last year was 373.3 million won, up 3.0% from the previous year. Deputy governors received 299.1 million won, while the auditor received 356.5 million won. By contrast, the average annual salary for Bank of Korea employees was 110.3 million won, up just 2.0% from the previous year — roughly 1 percentage point less than the increase for the governor and Monetary Policy Board members. Business expense disbursements showed diverging trends by position. The governor’s business expenses fell sharply from 102.28 million won in 2023 to approximately 35.92 million won last year, while average business expenses per Monetary Policy Board member rose steadily from 15.12 million won in 2022 to 24.91 million won in 2024. Meanwhile, the Bank of Korea’s total business expense disbursements reached 4.061 billion won last year, surging 52.8% over three years.