South Korea’s central bank governor earns more than Fed
The Bank of Korea’s governor received 405.5 million won last year, surpassing the U.S. Federal Reserve chair’s pay by 132 million won and the Bank of Japan governor’s by 85 million won, based on figures submitted to South Korea’s National Assembly on October 14. The total includes a 3.1% increase from 2023, when the governor earned 393.3 million won. 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.
Monetary Policy Board members now average 373.3 million won, a 3.0% rise from the previous year, while deputy governors earn 299.1 million won and the auditor 356.5 million won. These figures cover the compensation for former Governor Rhee Chang-yong, who stepped down in April. In contrast, the European Central Bank president’s base salary last year was 739 million won, and the Bank of England governor earned 896 million won, placing the Bank of Korea’s pay structure above that of the Fed and Bank of Japan but below European counterparts.
Regular employees at the Bank of Korea, however, receive significantly less, with an average salary of 110.3 million won, up just 2.0%—a smaller increase than for senior roles. The disparity highlights a widening gap between leadership compensation and broader workforce earnings. Meanwhile, the governor’s business expenses fell sharply from 102.28 million won in 2023 to approximately 35.92 million won last year, while Monetary Policy Board members saw their expenses rise to 24.91 million won. Overall, the Bank of Korea’s total business disbursements surged 52.8% over three years, reaching 4.061 billion won last year.
The data reveals persistent regional pay differences, with the Bank of Korea’s leadership compensation remaining competitive globally but lagging behind European central bankers.
