‘While Kim Seung-won’s Family Raised Its Pay by 30%, the Cooperative’s Net Profit Was Cut in Half’

The family of Justice Minister nominee Kim Seung-won increased its pay from a social cooperative it operates by more than 30% as the organization’s net profit fell by more than half, according to an allegation by opposition lawmaker Joo Jin-woo.

Joo said salaries paid to Kim’s spouse and two children at the Korea Child Development Social Cooperative rose from 68.4 million won in 2024 to 89.3 million won last year, an increase of 30.6%. He also claimed that payments made during the first eight months of this year would amount to about 113.82 million won on an annualized basis.

The cooperative’s net profit, by contrast, fell from 103.32 million won in 2024 to 47.2 million won last year, a decline of 54.3%, Joo said.

He further raised questions about statutory reserves. Under South Korea’s Framework Act on Cooperatives, a social cooperative must set aside a prescribed amount in statutory reserves when it records a surplus. Joo alleged that the cooperative should have added at least 31 million won based on its 2024 net profit but failed to do so. He also referred to the cooperative’s period as a provider of developmental-disability activity services in Yongin, Gyeonggi Province.