Tony Blair could earn a whopping 3.65m pounds as first President of Europe

London, Oct 5(ANI): Former UK Prime Minister Tony Blair, who is bidding to become the first President of Europe, stands to pocket a whopping 3.65 million pounds, if he is successful in his endeavor.

Blair could be named President this month following Ireland's vote.

Blair's salary will be at least 270,000 pounds to 1.35 million pounds during his five-year term. He will rake in a fortune in perks, while would pay a paltry 25 per cent tax under EU rules, The Sun reports.

His perks will also include a 40,500-pound annual housing allowance, 16,000 pound-a-year for entertaining, a chauffeured limo, 20 staff, fees paid for his kids' education and a huge pension.

When he retires from the post he will get a 500,000 pound 'parachute payment' to ease him back into everyday life. (ANI)