President Moon Jae-in will receive an annual pension of 166.9 million won ($142,500) along with other benefits after his retirement in May next year, according to the government’s budget plan for 2022 on Thursday.

Under the Honorable Treatment of Ex-Presidents Act, a former president is entitled to a pension worth 95 percent of presidential salary. Based on his current salary of over 175.56 million won this year, his monthly payment after retirement will be 13.9 million won.

Moon is expected to be the only living former president receiving a presidential pension, as the law does not grant a pension to presidents who are impeached or serve time in prison.

All the current living former presidents -- Park Geun-hye, Lee Myung-bak, Roh Tae-woo and Chun Doo-hwan -- are not entitled to the pension, while wives of late Presidents Kim Young-sam and Roh Moo-hyun receive a pension for the bereaved family.

Adding to the pension, a former president gets lifetime protection service as well as allowances for travel, office expenses, transportation and health care.

Last year, Moon and first lady Kim Jung-sook purchased a 2,630-square-meter property in Habuk, a rural area of Yangsan, South Gyeongsang Province, for 1.06 billion won for their retirement home. 

The Presidential Security Service also acquired a 1,124-square-meter plot of land there for facilities for bodyguards. The ongoing refurbishment work in the area is expected to be completed by the end of this year.