Ex-IMF chief Strauss-Kahn set to receive 318,000 dollars 'golden parachute'

ANI20 May 2011

New York, May 20(ANI): Former International Monetary Fund chief Dominique Strauss-Kahn, who is accused of a sex attack on a New York City hotel maid and is currently awaiting release from jail after having been granted bail on Thursday, will reportedly get an exit package which includes an annual pension of over 318,000 dollars.

According to ABC News, it is common practice for executives of big organizations to get golden parachutes when they retire or are terminated, and Strauss-Kahn's deal with the IMF is no different.

The deal gives him a "separation allowance" of 60-65 percent of his take-home pay.

That means with Wednesday's resignation letter, he is likely due 318,000 to 349,000 dollars immediately.

The terms of the agreement do not seem to allow for the payment to be withheld for any reason - including being charged with or convicted of felony sexual assault.

The employment contract also sets up Strauss-Kahn with a lifetime of pension payments.

He was required to participate in the fund's basic staff retirement plan - a traditional pension, which according to the IMF's web site can start paying out at age 50 and with only three years of service.

Details on how much Strauss-Kahn gets under the basic plan are not publicly available.

After Strauss-Kahn spent nearly a week in police custody and then jail, the judge on Thursday agreed to free him on a million dollar cash bail plus an additional five million dollars bond - provided he is confined to a New York apartment.

He will be subject to electronic monitoring and under the watch of an armed guard.

The 62-year-old, who is an economist and a lawyer, has been charged with a criminal sex act and attempted rape over the alleged sexual assault. He faces a possible 25-year jail sentence.

Strauss-Kahn was not immediately released from the city's bleak Rikers Island jail, where he had been kept in protective custody and on a suicide watch.

But his lawyers expect he will get out today, after he posts the bond and authorities review the security arrangements involved in his house arrest.

Strauss-Kahn rose to prominence while captaining the IMF through one of the world's worst financial crises, and has led the IMF since 2007.

He is also widely believed to challenge Sarkozy in next year's presidential election, and polls show he would have a good chance of removing the latter from office. (ANI)