Chairman Cho Won-tae of Hanjin Group Received Over 10 Billion KRW Last Year... "Thanks to Management Performance"

Korean Air 5.13 Billion KRW, Hanjin KAL 4.15 Billion KRW, Jin Air 950 Million KRW
"Base Salary Unchanged, Performance Bonuses Paid According to Business Results"

Cho Won-tae, Chairman of Hanjin Group, received a salary in the 10 billion KRW range last year, supported by Korean Air's strong performance.

Chairman Cho Won-tae of Hanjin Group. Photo by Korean Air

According to the 2024 business reports disclosed on the 18th by Korean Air, Hanjin KAL, and Jin Air, Chairman Cho received 5.103 billion KRW from Korean Air, 4.15373 billion KRW from Hanjin KAL, and 956 million KRW from Jin Air. The total compensation amounted to 10.21273 billion KRW, an increase of 25.2% compared to the previous year.

Compared to 2023, the compensation from Korean Air increased by 30.3%, which Korean Air explained was due to performance bonuses paid based on business results. A Korean Air official stated, "The base salary remained unchanged, but according to the 2023 labor-management agreement, the maximum limit for performance bonuses was expanded to 500% of the monthly base salary, and in March last year, all employees were paid performance bonuses exceeding 400% based on the previous year's business results." Earlier in January, they also paid 100% incentives for achieving safety targets. Additionally, Korean Air successfully completed the corporate merger with Asiana Airlines last year.

However, the compensation Chairman Cho received from Hanjin KAL decreased by 2.0% compared to the previous year. This is analyzed as an effect of performance bonuses that were deferred during the COVID-19 pandemic being paid in 2023. At Jin Air, he started receiving compensation following his appointment as an executive in April last year.

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