Young Fishermen Lower the Barriers to Joining Fishing Village Associations

[Sejong=Asia Economy Reporter Kwon Haeyoung] The conditions for young fishermen to inherit the status of fishing village cooperative members from elderly fishermen have been eased compared to before.

The Ministry of Oceans and Fisheries announced on the 30th that the amendment to the Enforcement Decree of the Fisheries Cooperative Act, aimed at lowering the entry barrier to fishing village cooperatives, was passed at the Cabinet meeting.

Since this year, the government has been implementing a management transfer direct payment system that compensates a certain portion of income for up to 10 years when elderly fishermen aged 65 to under 75 transfer their fishing village cooperative membership to fishermen aged 55 or younger. However, previously, the fishermen inheriting the cooperative membership had to be members of the local fisheries cooperative union, but the amendment allows them to join the fisheries cooperative union within one year after inheriting the cooperative membership.

The management transfer direct payment provides support ranging from 1.2 million KRW to 14.4 million KRW annually, depending on the previous income level. Applications can be submitted anytime throughout the year at the local town, township, or neighborhood office.

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