SEOUL, KOREA - Korea Water Resources Corp., the state-run company responsible for leading the "Four Major Rivers Project" during the Lee Myung-bak government as well as the construction of the Seoul-Incheon Canal, was caught paying unusually high bonuses to its executives and employees even while incurring more than 10 trillion won in debt. Recently the corporation caused stir by requesting the government to pay its debt for the four rivers project.

 

According to the public agencies' management information provider Alio on July 7, the bonus for the president of Korea Water has been raised to 159.4 million won from 90.8 million won between 2009 and 2012 during which the four rivers project was under way. As for executives, the bonus amount was raised by 30 million won to 89.8 million won from 58.5 million won while auditors saw their bonus pay by 15 million won to 63.8 million won from 48.4 million won.

 

This is the same for employees. During the same period, the rank and file were paid an average of 73.0 million won a year in salaries, up from 63.1 million won three years ago. Their bonuses rose consistently from 11.1 million won in 2009, to 16.6 million won in 2010, 16.9 million won in 2011, and to 17.3 million won in 2012.

 

To this, a Korea Water official responded, "Bonus payments are based on the government's evaluation on state-run enterprises. During the Lee Myung-bak administration, Korea Water was given high marks in business performance."

 

Sourece : The Korea Economic Daily