This Year, 1,800 Young Farmers Selected... Monthly 1 Million KRW and 300 Million KRW Startup Fund Support

Ministry of Agriculture, Food and Rural Affairs Selects and Notifies Recipients of the '2021 Young Successor Farmer Settlement Support Project'

Young Farmer. (Photo by Asia Economy DB)

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced on the 1st that it has selected 1,800 young farmers this year and informed the applicants in order to increase the influx of youth into rural areas. They will receive a monthly support fund of 1 million KRW for three years and up to 300 million KRW in startup capital.

The Ministry of Agriculture, Food and Rural Affairs stated that it received applications from farmers aged 18 to under 40 with less than three years of independent farming experience and selected 1,800 beneficiaries for this year's program. This year, 3,511 people applied, an increase of 477 from last year. After written evaluations of farming plans and interviews, 1,800 were shortlisted. Young farmers with a median income above 120% were excluded from receiving the monthly living stabilization support of up to 1 million KRW, and this was strictly verified. Since they are among the top 15% of health insurance subscribers, it was judged that they do not need the support funds.

The selected young farmers will receive a monthly farming settlement support fund of up to 1 million KRW. For those who wish, startup capital up to 300 million KRW (at 2% interest), priority lease of reserved farmland through the Farmland Bank, and farming technology education will be provided. Among the 1,800, 583 farmers in their 1st to 3rd year of independent management will receive the farming settlement support fund starting next month. The 1,217 prospective startup farmers will receive support funds after confirming farmland acquisition and registration as agricultural management entities (owners).

From the 12th to the 30th, explanatory sessions will be held through the Agricultural Education Portal. In particular, the sessions will provide detailed explanations about the mandatory farming period of up to six years and the obligation to use the support funds faithfully. Support projects such as management diagnosis, reserved farmland leasing, startup capital support, and the use of settlement support voucher cards will be explained by institutions in charge of each field, including the Korea Rural Community Corporation, the National Agricultural Cooperative Federation and Nonghyup Bank, and the Korea Agency of Education, Promotion and Information Service in Food, Agriculture, Forestry and Fisheries.

Kim Jeonghee, Director of Agricultural Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "It seems that the increase in support this year is the result of comprehensively considering the development potential of agriculture and the employment difficulties in cities," and added, "We will spare no effort to support the selected young farmers to maintain agriculture and settle in rural areas for a long time to grow."

The region with the most applicants this year was Gyeongsangbuk-do. By experience, prospective startup farmers numbered 1,217 (67.6%), the largest group. Non-agriculture graduates were overwhelmingly many at 1,353 (75.2%). The main production items (including planned) were vegetables (26.1%). Nearly half, 882 (49%), were those who have parents engaged in farming activities but did not inherit the base from their parents (including planned).

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