All eyes are set on the US Presidential elections’ result which will be declared soon. As the world waits for the announcement of new United States President, one might be curious to know how much the US President earns. The President is a federal employee and draws salary from the State. As per reports, the US President is paid $ 400,000 annually which is approximately Rs 3.36 crore. This amount surpasses the average annual income (Rs 37.41 Lakh) of an American worker. Reportedly, US President has not been given a raise in more than 20 years. The annual salary was last increased by the US Congress in 2001. Notably, Article II of the Constitution states that the president’s income can’t be changed during the term he was elected to serve in.
Along with the significant amount of salary, the President gets several additional perks which include extra allowances, a travel account, entertainment allowance and a pension after stepping down from office.
Allowances And Other Perks
In addition to the $ 400,000 salary, there are several allowances that cover various expenses. The US President receives expense allowance of $50,000 (Rs 42 lakh); the President can use the amount for their personal and official business. Notably, if any portion of this allowance is not used, then it must be returned to the US Treasury at the end of the year. As per American Law, any amount not used from the $50,000 allowance, must be returned to the treasury.
The President also gets travel allowance of $100,000 (Rs 84 lakh) which is non-taxable. This amount covers President and his staff’s travel expenses during official duties, both within the US and foreign.
Entertainment allowance of $19,000 (Rs 16 lakh) is also provided to the President, which includes hosting foreign dignitaries, throwing official state dinners and cultural events.
All these allowances, in total, equals $569,000 (Rs 4.78 crore) for all of the US president’s expenses each year.
As per Business Insider report, US president also receives $100,000 to redecorate the White House once they’re elected. However, there have been several presidents who opted to use their own funds instead of using this money to redecorate the White House, like Barack Obama.
According to CBS News report, U.S. presidents also earn much more money when they leave office through book sales, speaking engagements, media deals and other lucrative endeavors.
US President also enjoys an annual pension of about $200,000 (Rs 1.68 crore), as well as health care coverage and paid official travel.
Does The First Lady Get Anything?
While the US President receives considerable salary along with other financial perks, the First Lady of the US, President’s wife doesn’t receive any salary or official compensation for her work. First Ladies carry wide range of duties during their term, which includes hosting official events for various causes.
Also Read: Why Are Indian Policymakers Waiting For Result Of US Presidential Election 2024 With Bated Breaths?
