Ministers to Accept 30% Pay Cut

A Cabinet meeting on Saturday decided on a 30-percent pay cut for ministers and vice ministers for the next four months. A government source said that also applies to President Moon Jae-in and Prime Minister Chung Sye-kyun.

"The measure is aimed at sharing the pain caused by the coronavirus epidemic," the official added.

According to the Prime Minister's Office, around 140 senior public servants with an average monthly salary of W11 million will be affected by the measure (US$1=W1,245). The government will save around W462 million this month alone.

If the measure expands to lower-ranking public servants up to provincial government heads, the amount saved will rise even more. Lawmakers are also considering a pay cut. A lawmaker earns around W13 million a month including expenses.

The government intends to use the money saved to help small businesses hit by the epidemic.

Meanwhile, the president in a meeting with officials on Sunday thanked the Korean public for remaining calm and refraining from hoarding products amid the epidemic, unlike people in the U.S., Australia and some European countries.