What will be Narendra Modi’s salary as PM? How does it compare to other world leaders?

India’s general elections are over and Narendra Modi has been sworn in as prime minister for a record-making third term.

The third term of Narendra Modi has begun with the 73-year-old attempting a crucial balancing act between leaders of the BJP who have won the elections and the allies whose support has resulted in the National Democratic Alliance crossing the halfway mark of 272 seats.

As the dust settles after the grand swearing-in ceremony at the forecourt of Rashtrapati Bhavan , let’s take a take a look at the salaries and perks that Modi will enjoy as prime minister and how it stacks up to world leaders.

What’s the salary of the PM?

As prime minister, Narendra Modi holds a very important position in the country and is charged with the functioning of the country. For such a high-pressure job, the PM reportedly gets a salary of Rs 1.66 lakh per month — that comes up to approximately Rs 20 lakh a year.

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This amount includes 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.

Interestingly, when Modi submitted his election affidavit , he had declared his personal assets to be worth Rs 3.02 crore, with no investments in bonds, debentures, shares, or mutual funds. According to his affidavit, his income came from two sources: salary from the Prime Minister’s Office and interest income.

Compared to the PM, the President of the country earns Rs 5 lakh a month, which was revised from Rs 1.5 lakh in 2018. The Vice President of India also earns Rs 4 lakh a month, up from Rs 1.25 lakh.

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On the other hand, MPs get a basic salary of Rs 1 lakh, as per an NDTV report. The MPs last got a pay hike in 2018 when their salary was rejigged to match with inflation and the cost of living.

What perks does the PM enjoy?

In addition to a salary, as PM, Narendra Modi will also enjoy a host of perks. Of them, the most prominent of them all is the official house he is given at 7 Lok Kalyan Marg. This accommodation comes with no rent or housing costs.

He is also accorded Special Protection Group (SPG) security and the use of Air India One — the exclusive aircraft — for official visits. As PM, he also only travels in a Mercedez-Benz S650 Guard , which according to reports, can withstand bullets owing to the upgraded windows and body shell and can take an assault from AK-47 rifles.

Following the retirement of a prime minister, he/she is provided with free accommodation, electricity, water and even SPG security for a five-year duration.

How does PM’s salary compare to world leaders?

Now that we know how much the PM of India earns, it would be interesting to see how it stacks up to other world leaders.

As per reports, the Singapore prime minister draws the highest salary among world leaders. Lawrence Wong , who took over from Lee Hsien Loong, receives a staggering $2.2 million (Rs 18.37 crore) a year.

Hong Kong’s John Lee Ka-chiu ranks second in highest-paid world leaders. According to the South China Morning Post, he earns roughly $672,000 (Rs 5.61 crore) a year.

Switzerland’s leader is next on the list and is paid $495,000 (Rs 4.13 crore) a year. US president Joe Biden takes home a hefty salary of $400,000 (Rs 3.34 crore) annually. However, the country also allows its president a $50,000 allowance “to help defray expenses incidental to or resulting from the performance of his official duties,” according to the US Code. In addition, he has access to the most luxurious facilities such as the White House and Air Force One.

Australia ranks next, with Anthony Albanese taking home a pay package of nearly $550,000 per year.

Meanwhile, Rishi Sunak — whose personal wealth makes him the United Kingdom’s richest-ever prime minister — is entitled to a salary of $2,12,000 a year (Rs 1.77 crore). He is also entitled to the use of the PM’s house at 10 Downing Street in London and the countryside residence at Chequers in Buckinghamshire.

It is not exactly known how much Xi Jinping earns as the Chinese prime minister but in 2015, it was reported that he had given himself and top officials a 62 per cent pay hike. With this, it was rumoured that Xi’s salary had increased to 11,385 yuan ($136 or Rs 9.5 lakh) a month.

With inputs from agencies