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Shimon Peres will receive a monthly salary of NIS 46,278 as Israel's ninth president.

Once Shimon and Sonia Peres move into the President's Residence in Jerusalem, the state will pay their living expenses.

The Finance Ministry will also cover partial expenses for Peres' private residence in central Tel Aviv, should he decide to stay there on weekends, as a similar preference was chosen by predecessors Moshe Katsav and Ezer Weizman.

The 2007 budget for the President's Residence totals NIS 24.7 million.

The budget for overseas travel for the president is NIS 1.7 million this year.

Outgoing President Moshe Katsav will get a monthly pension for life of NIS 46,278, on top of an annual budget of NIS 1 million for maintaining an office, aides, driver and car.

The state will also pay for the upkeep of his private home in Kiryat Malakhi.