India’s national elections have concluded, and Narendra Modi has taken the oath of office as prime minister for an unprecedented third consecutive term. As the prime minister, he will be entitled to a monthly salary of Rs 1.66 lakh along with additional benefits like security and accommodation.
However, his compensation does not place him among the highest-paid global leaders.
As India’s Prime Minister, Narendra Modi oversees critical national functions and receives a monthly salary of Rs 1.66 lakh, totaling around Rs 20 lakh annually. This comprises a basic salary of Rs 50,000, an expense allowance of Rs 3,000, a parliamentary allowance of Rs 45,000, and a daily allowance of Rs 2,000.
Modi declared assets worth Rs 3.02 crore in his election affidavit, with no investments in stocks or mutual funds. He earns from salary and interest. The President now earns Rs 5 lakh monthly, up from Rs 1.5 lakh in 2018; the Vice President earns Rs 4 lakh, up from Rs 1.25 lakh. MPs receive a basic salary of Rs 1 lakh, last revised in 2018 to align with inflation and living costs.
After becoming PM, Narendra Modi will enjoy perks like an official residence at 7 Lok Kalyan Marg with no rent, SPG security, Air India One for official trips, and travel in a bullet-resistant Mercedez-Benz S650 Guard for five years post-retirement.
Comparing the Indian PM’s earnings to those of other global leaders would be intriguing.
Singapore PM earns the most globally, at $2.2 million a year. Hong Kong’s John Lee Ka-Chiu comes second, earning about $672,000 annually. Switzerland’s leader earns $495,000 (Rs 4.13 crore) yearly, while US President Joe Biden makes $400,000 (Rs 3.34 crore). Biden also receives a $50,000 allowance for official expenses and enjoys perks like the White House and Air Force One.
Australia ranks next, with Anthony Albanese earning nearly $550,000 per year. Rishi Sunak, the UK’s richest-ever prime minister, has a salary of $212,000 annually (Rs 1.77 crore) and access to the PM’s residences in London and Buckinghamshire.
In 2015, reports suggested that Xi Jinping, as the Chinese prime minister, approved a 62% pay raise for himself and top officials, potentially increasing his monthly salary to 11,385 yuan ($136 or Rs 9.5 lakh).
Narendra Modi’s third term has commenced with the 73-year-old engaging in a pivotal balancing act, navigating between victorious BJP leaders and supportive allies within the National Democratic Alliance, which has surpassed the critical 272-seat mark.
