‘Generous’ Charles III Spends Personal Funds to Give Bonuses to All Royal Staff

Up to 940,000 KRW Additional Payment Beyond Monthly Salary for Hundreds of Workers
UK Faces Double Trouble of Recession and Inflation... Coronation Ceremony Expected to Be Scaled Down in May Next Year

King Charles III of the United Kingdom will pay a special bonus to all royal staff out of his own pocket. Photo by Reuters Yonhap News

[Asia Economy Reporter Kim Hyunjung] King Charles III of the United Kingdom is using his personal funds to provide bonuses to royal staff struggling with rising living costs.

According to a report by The Sun on the 12th (local time), Charles III plans to give hundreds of royal workers, including cleaners and servants, an additional bonus of up to ?600 (approximately 940,000 KRW) on top of their regular salary this month. The bonuses are tiered based on salary, with lower-paid employees receiving more. Staff earning under ?30,000 (approximately 46.84 million KRW) annually will receive a ?600 (about 940,000 KRW) bonus, those earning between ?30,000 and ?40,000 (about 46.84 to 62.65 million KRW) will get an extra ?400 (about 620,000 KRW), and employees with salaries between ?40,000 and ?45,000 (about 62.65 to 70.47 million KRW) will receive an additional ?350 (about 550,000 KRW). Single employees living in accommodations provided by the Royal Household will receive a ?200 (about 310,000 KRW) bonus.

According to royal figures released this summer, there are 491 full-time staff members at Buckingham Palace, Balmoral Castle, Windsor Castle, and 101 staff members at Clarence House. The total bonuses, amounting to tens of thousands of pounds, will be paid from King Charles III’s personal income, not from taxpayers’ money. The Sun noted that these bonuses are expected to help royal staff cover heating bills and additional mortgage repayments.

During the past summer, Charles III had a personal conversation with Martin Lewis, founder of the consumer finance website MoneySavingExpert, about how inflation is impacting ordinary people. A royal insider said, "The King is very aware of the soaring energy bills faced by the public and is deeply concerned about what he can do to support the financial wellbeing of royal staff."

The UK is currently facing the dual challenges of recession and inflation. According to the UK Office for National Statistics on the 11th, the UK’s third-quarter economic growth rate was -0.2%, marking two consecutive quarters of negative growth. The UK economy in the third quarter was 0.4% smaller than in the fourth quarter of 2019, just before the COVID-19 pandemic, making the UK the only G7 country that has not recovered to pre-pandemic economic levels. Earlier this month, the Bank of England (BOE) forecasted that the UK’s recession would last for two years until mid-2024. Additionally, the UK’s Consumer Price Index (CPI) rose by 10.1% in September compared to the same month last year.

Meanwhile, The Sun reported that King Charles III’s coronation scheduled for May next year is expected to be scaled down due to the economic crisis.

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