Democratic Party "Expanding Agricultural Settlement Support Age from 40 to 45... 1.5 Million Won Payment" General Election Pledge

Democratic Party Policy Committee to Announce General Election Pledges for Agriculture and Fisheries on the 15th
Gradual Increase in Agricultural Inheritance Deduction Limits, Interest Rate Reduction for Successor Farmer Management Fund
Expansion of Contract Production Volume for Vegetables from Existing 15% to 30%

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] The Democratic Party of Korea has announced an election pledge to expand the eligibility for the Farming Settlement Support Project to those under 45 years old with farming experience of 5 years or less. Previously, the support was limited to those under 40 years old with farming experience of 3 years or less. The pledge also includes plans to increase the contract production volume of vegetables, which have large price fluctuations, from the current 15% to 30%.

The party’s Policy Committee announced these agricultural and fishery sector election pledges on the morning of the 15th.

The Policy Committee stated, "Currently, our agriculture, fisheries, and rural areas are facing severe aging of farm households to the extent that sustainability is threatened," and added, "We will expand and promote the Farming Settlement Support Project to assist young farmers whose income is unstable in the early stages of farming." Accordingly, the eligibility for the Farming Settlement Support Project, which was previously applied only to those under 40 years old with less than 3 years of farming experience, will be expanded to those under 45 years old with 5 years or less of farming experience. The support amount will also increase from 800,000 to 1,000,000 KRW per month to 1,500,000 KRW. The Policy Committee also plans to gradually raise the farming inheritance deduction limit and lower the interest rates on successor farmer management funds to ease the financial burden on young farmers with low agricultural income.

They also revealed plans to utilize 7,000 to 10,000 vacant houses and idle facilities annually as temporary housing support for return-to-farm individuals and spaces for youth startups. The purchase of public rental farmland will be expanded to lease it affordably to young and small-scale farmers, and the standard income amount for pension insurance for farmers and fishermen will be gradually increased. Rural transportation models such as the Happiness Bus, 100-won taxi, 1,000-won passenger ship, and demand-responsive transportation systems will also be expanded. By 2024, support will be provided for facilities and equipment costs to establish and operate obstetrics and gynecology departments in a total of 45 vulnerable delivery areas.

The recurring problem of sharp price fluctuations in agricultural and marine products will also be addressed. The Policy Committee stated, "To mitigate price volatility and stabilize farmers’ income for major vegetables with severe price fluctuations such as radish, cabbage, garlic, and onion, we will gradually expand the contract production volume from 15% to 30%." To stabilize the livelihoods of farmers and fishermen, the existing direct payment system will be continuously expanded, and the introduction of a forestry direct payment system will also be considered. The introduction of a mountain bank system will be reviewed to ensure the stable retirement life of elderly landowners.

The Policy Committee will also promote the 'smartification of agriculture.' To this end, they will focus on nurturing five promising food sectors (customized and special foods, functional foods, convenience foods, eco-friendly foods, and export foods) and expand research and development (R&D) and tax support. The mechanization rate of field farming will be increased to about 80%, and measures for the livestock industry, such as strengthening biosecurity facilities in pig farming areas and installing biogas production facilities, will also be pursued.

Cho Jeong-sik, chairman of the Democratic Party’s Policy Committee, emphasized, "We will create rural and fishing villages where newlyweds, youth, and the elderly all want to live, and actively promote legislative and institutional efforts as well as budget allocation to increase farm income and secure agricultural competitiveness."

This content was produced with the assistance of AI translation services.