Support Fund Recovery When Reentering Fisheries After Receiving Closure Support Payment

Ministry of Oceans and Fisheries Recovers Reduction Project Subsidies Calculated on a Monthly Basis

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[Sejong=Asia Economy Reporter Kwon Haeyoung] When fishermen who have received support from the reduction project re-enter the project, a plan to calculate and recover the closure support fund on a monthly basis will be implemented.

The Ministry of Oceans and Fisheries announced on the 3rd that it has prepared a partial amendment to the Enforcement Rules of the Coastal Fisheries Structural Improvement Act containing this content and will announce it for legislative notice until the 14th of next month.

The Ministry of Oceans and Fisheries is implementing a coastal fishing vessel reduction project to reduce excessive fishing vessel capacity to an appropriate level compared to fishery resource quantities. Fishermen participating in the reduction project are supported with closure support funds equivalent to the appraised price of vessels and fishing gear and three years' worth of average annual income. However, a problem has occurred where some fishermen who received support from the reduction project purchase or lease permitted fishing vessels that are not being operated and re-enter coastal fisheries.

Accordingly, the Coastal Fisheries Structural Improvement Act was amended last month to recover part of the closure support fund if re-entry occurs within three years from the time of support, and the Ministry of Oceans and Fisheries has prepared standards and procedures for recovering the closure support fund through this partial amendment of the enforcement rules.

The Ministry of Oceans and Fisheries will first calculate the remaining period within the original three-year period used to calculate the closure support fund on a monthly basis and recover the closure support fund corresponding to that period. Procedures for filing objections to the recovery disposition of the closure support fund have also been established. In addition, when evaluating the residual value of reduced vessels, the criteria for determining the usable years of vessels will be subdivided from an annual basis to a monthly basis to minimize budget waste.

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