The annual salary of the South Korean president for next year has been set at nearly 241 million won.

The Ministry of Personnel Management said the decision was reached during a Cabinet meeting on Tuesday, as it explained that the pay for all civil servants was raised by one-point-four percent compared to this year. 

Previously, the annual salary of civil servants for 2021 was raised by zero-point-nine percent, for 2020 two-point-eight percent, for 2019 one-point-eight percent and for 2018 two-point-six percent. 

The government said it decided to mark up next year’s salary by one-point-four percent after taking into account rising consumer prices and in a bid to boost public employees’ morale. 

As part of efforts to share the people’s hardship in tackling the COVID-19 pandemic, the president and senior civil servants, including the prime minister, will give back the increase in their paycheck for next year as they did earlier for this year’s increase. 

The government also raised salaries for conscripted soldiers by eleven-point-one percent. As a result, a sergeant will receive 676-thousand-100 won per month next year.