New IMF chief to earn $500,000 year

New IMF managing director Dominique Strauss-Kahn will be paid nearly 500,000 dollars a year tax-free, the International Monetary Fund said Friday.
The IMF released a letter to Strauss-Kahn indicating he would be given a salary of 420,930 dollars per year, net of income taxes.
The letter said the former French finance minister would also receive "an allowance in the aggregate amount of 75,350 dollar per annum, similarly net of any income taxes."
The allowance, "without any certification or justification" will "enable you to maintain, in the interests of the Fund, a scale of living appropriate to your position as managing director and to the Fund's need for representation," the letter said.
The 63-year-old Fund said it was the first time that it was publishing the terms of appointment for its managing director.
Strauss-Kahn on Thursday succeeded Spaniard Rodrigo Rato at the top IMF job and pledged to restore the relevance of the institution.