Serving successful nan U.S. House of Representatives comes pinch a six-figure salary, on pinch perks including paid travel and housing costs.
While nan $174,000 yearly salary apt doesn't sound excessively shabby to those surviving successful a state wherever nan median individual costs comes to conscionable complete $59,000 a year, members of Congress are earning wages that were group successful 2009. They haven't gotten an automatic cost-of-living accommodation since 2009.
In getting elected as Speaker of nan House successful October of 2023, Louisiana Republican Mike Johnson's yearly net jumped to $223,500. Louisiana Republican Steve Scalise and New York Democrat Hakeem Jeffries each make $193,4000 a twelvemonth arsenic nan House mostly and number leaders, respectively.
Members of Congress are not allowed to proceed successful their anterior jobs while moving connected Capitol Hill, though their nett worthy continues to summation done investments. Indeed, galore Washington, D.C., lawmakers were already millionaires erstwhile they began their governmental careers, particularly successful nan Senate.
Although pensions are progressively uncommon for astir American workers, nan perk is live and good for lawmakers. Since 1946, members of Congress pinch astatine slightest 5 years of work aliases national employment are eligible for "a generous pension that pays 2 to 3 times much than pensions offered to likewise salaried workers successful nan backstage sector," according to nan National Taxpayers Union Foundation.
The worth of nan pension use is wished based connected erstwhile a lawmakers was elected to office, clip served and nan mean of nan 3 years of their highest salary, noted NTUF, an connection of nan National Taxpayers Union.
A lesser-known legislature use is nan believe of leaving decease gratuity payments to nan heirs of members who dice while serving successful office. Equal to nan member's yearly legislature salary, nan payments are provided sloppy of really able nan deceased lawmaker was. From 2000 to 2021, nan payments person cost taxpayers $5 million, nan nonprofit investigation group found.
Kate Gibson
Kate Gibson is simply a newsman for CBS MoneyWatch successful New York, wherever she covers business and user finance.