[2020 National Audit] Despite Soaring Debts, Korea Minting and Security Printing Corporation Distributed 20 Million Won Performance Bonuses Each

[Asia Economy Reporter Lee Kwang-ho] Korea Minting and Security Printing Corporation has been revealed to have poor management, increasing performance bonuses despite rising debt.

According to data submitted by Korea Minting and Security Printing Corporation to Kim Tae-heum, a member of the People Power Party on the National Assembly's Planning and Finance Committee, as of June this year, total debt reached 247.2 billion won, nearly 200 billion won more than 53.4 billion won in 2016. The annual interest amount due to the surge in debt alone amounts to 960 million won.

Last year, Korea Minting and Security Printing Corporation posted a net profit of 9.5 billion won, but paid performance bonuses totaling 22.5 billion won, more than twice that amount. When the paid performance bonuses are converted to per capita amounts, it is 11.6 million won, and including other performance bonuses and rewards, it reaches 23.23 million won, ranking third among 36 public enterprises.

Because the employees' performance bonuses exceed the corporation's operating results, there are criticisms that "the tail is bigger than the belly."

Rep. Kim said, "Despite the rapidly increasing debt, Korea Minting and Security Printing Corporation's reckless management, such as increasing performance bonuses, has gone too far," and emphasized, "A mid- to long-term plan for debt management must be established and implemented, and the performance management system for employees must be completely reorganized."

This content was produced with the assistance of AI translation services.