Chungnam to Start Paying 'Nong-eomin Allowance' from Next Month... Promoting Economic Circulation with Local Currency

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province will start providing the Nong-eomin Allowance from next month with the purpose of maintaining and enhancing the public value of agriculture, fisheries, and rural areas. The Nong-eomin Allowance will be paid in local currency, which is expected to induce a virtuous cycle in the regional economy.

The province announced on the 2nd that applications for the Nong-eomin Allowance will be accepted from the 6th to the 24th at the town, township, and neighborhood offices of each city and county.

The support target is farmers and fishermen who are heads of management entities registered with agricultural and fishery management information, have resided in Chungnam for at least one year before the project implementation, and have been engaged in agriculture or fisheries.

However, those whose comprehensive income exceeds 37 million KRW outside of agriculture and fisheries, those who have fraudulently received various subsidies or loans, and those who actually live with the eligible recipient but have separated their households are excluded from the payment target.

Considering the economic crisis caused by the spread of the novel coronavirus infection (COVID-19), the province plans to first pay 450,000 KRW of the Nong-eomin Allowance next month to verified farms through minimal procedures.

At this time, the Nong-eomin Allowance will be paid in local currency. The purpose is to support farmers and fishermen while preventing the outflow of related budgets outside the region through local currency transactions, thereby establishing a virtuous economic cycle within the region and revitalizing the local economy.

The province plans to finalize the amount of the Nong-eomin Allowance for the first half of this year and then make a lump-sum payment of the difference to the first recipients and the allowance for forestry and fishery households whose verification was delayed between July and August.

A provincial official said, “The Nong-eomin Allowance is a policy promoted to recognize the public value of agriculture, fisheries, and rural areas and to create a sustainable agricultural and fishery environment. The province will continue to make its best efforts to create sustainable conditions for agriculture and fisheries, which serve as the nation’s life warehouse and oxygen tank.”

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