Recently, as public officials from ministries such as the Fair Trade Commission and the Ministry of Employment and Labor have moved to Coupang, drawing attention, a similar case has now emerged in the Ministry of Economy and Finance. It has been confirmed that a Grade 4 official from the Ministry is undergoing the necessary procedures to transfer to Coupang.

According to the Ministry of Economy and Finance and Coupang on June 25, A, a team leader at the Ministry and a Grade 4 official (Seogwan), will undergo employment screening by the Government Public Officials Ethics Committee of the Ministry of Personnel Management next month after resigning this month in order to change jobs. The company A is moving to is Coupang, a private enterprise. Coupang has been proactive in recruiting public officials, and this is the first time someone from the Ministry of Economy and Finance will be transferring directly to Coupang.

"Bureaucrats Resigning with Annual Salaries of 200 Million Won"

First case in the Ministry of Economy and Finance, planning to change jobs after employment screening
Increasing number of public officials moving to Coupang from the National Assembly, prosecution, and other sectors

An official from the Ministry of Economy and Finance commented, "Unlike other government ministries, the Ministry of Economy and Finance does not have any direct connections with Coupang, so this job change is not expected to be difficult." Since the Ministry does not directly regulate or supervise Coupang, there are not expected to be restrictions on employment. As a Grade 5 official from the Fair Trade Commission recently moved to Coupang as an executive director, it is highly likely that A will also join Coupang as an executive director or higher.

Coupang has attracted attention by recruiting a number of former and current public officials to strengthen its legal and government relations functions and to enhance risk management. The backgrounds of those who have moved to Coupang are diverse, including the National Assembly, the Office of the President, the prosecution, the police, the Board of Audit and Inspection, and the Fair Trade Commission. Recently, Grade 5 and 6 officials from the Ministry of Employment and Labor have also transferred to Coupang Logistics Service (CLS), a Coupang delivery subsidiary. With the addition of a Ministry of Economy and Finance official, Coupang's talent pool of public officials has become even more robust.

"Public Service Elites Moving to Unicorns"

Lower wages and higher work intensity compared to private companies
Job change cases to Bungejangter and DB HiTek also draw attention

Inside and outside the government, there is an interpretation that the reasons for the series of public officials moving to Coupang are not only due to demand, but also to supply-side factors. Compared to private companies, public sector wages are not as high and the work intensity is greater, leading more officials to seek positions with annual salaries in the hundreds of millions of won. A government official said, "There were rumors that a Grade 5 official who moved to Coupang raised their annual salary to the 200 million won range," adding, "It is bound to become a hot topic."

According to the Public Officials Ethics Committee, as of this year, there have been a total of two cases of Ministry of Economy and Finance officials moving to private companies up to last month. In April, a Grade 3 equivalent official who retired received employment screening and approval last month to become a director at Bungejangter, a secondhand trading platform. In March, Hong Namki, former Deputy Prime Minister and Minister of Economy and Finance, who retired in May 2022, received approval to become an outside director at DB HiTek, a foundry (semiconductor contract manufacturing) company.

There are other cases as well. In August last year, a senior general service official who retired received screening and approval last month to become a full-time vice chairman of the Korea Listed Companies Association. In the case of a Grade 4 official who retired in December last year, they became a non-executive director at Korea Railroad Corporation after undergoing screening and approval in April.