The president will no longer receive lifelong pensions but rather for a period equal to his years in office. The constitution restricts the leader's service to two four-year terms.
If a leader is convicted of corruption or subversion charges during or after his service, the pension payment will automatically end, according to the amendment.
The retired leader will be assigned up to 12 bodyguards, down from the current 16, it said.
The new measure is effective January 2007, the AP reports.
Outgoing US President Donald Trump does not accept the outcome of the November election. Trump has also refused to attend Joe Biden's inauguration ceremony on January 20