[Changes in 2022] Agricultural Land Pension Enrollment Age Lowered from 65 to 60... Establishment of Agricultural Land Bank Management Institute

Government Publishes Changes for 2022

[Sejong=Asia Economy Reporter Kim Hyun-jung] The eligibility age for subscribing to the Farmland Pension will be lowered from 65 to 60 starting next year, and preferential products will be introduced for low-income farmers and long-term farmers. To strengthen management of farmland recently involved in speculation controversies, a Farmland Bank Management Office will be established and operated within the Korea Rural Community Corporation.

The government summarized the changes in systems and regulations effective from next year and published "Changes in 2022" on the 31st, containing these details.

First, in the first quarter of next year, the subscription age for the Farmland Pension will be relaxed from the current 65 to 60 years old. Considering the reality that many farmers need lump sums before 65 for purposes such as children's education, the eligibility age was lowered to allow more farmers to benefit from the pension.

Preferential products will be introduced that provide an additional 5-10% monthly payment for low-income farmers (vulnerable groups) and long-term farmers with over 30 years of farming experience. The criteria for low-income farmers are those receiving basic living benefits with income below 30% of the median income. The relaxation of the subscription age will be implemented within the first quarter of next year, and the preferential products will be introduced from January 2022.

To strengthen management of farmland involved in speculation controversies this year, the government will establish and start operating a Farmland Bank Management Office within the Korea Rural Community Corporation. The Farmland Bank Management Office will continuously investigate and manage acquisition, ownership, and usage status of farmland nationwide, and support local government farmland administrative tasks such as education and consulting for local government officials.

The government plans to build a farmland information and analysis system by expanding the farmland information system and farmland-related databases (DB) to collect, analyze, and provide farmland information. It will conduct periodic investigations and analyses on exceptional farmland ownership and use, idle farmland, and agricultural promotion areas, providing related information to local governments to significantly strengthen the farmland management system. The enforcement date for these measures is February 18 next year.

From April 15, the Farmland Register will be completely reorganized from individual-based to parcel-based. Until now, the Farmland Register was prepared by household, but it will be prepared by parcel (farmland), including small-scale farms under 1000㎡ that were previously excluded. After the law takes effect, the Farmland Register, which was only issued at the farmer's address, will be available nationwide, and the issuance period will be shortened from within 10 days to immediate. Existing Farmland Registers will be preserved for 10 years, so previous registers can be issued anytime if needed.

The review for issuing farmland acquisition qualification certificates will also be strengthened. When acquiring farmland for weekend or experiential farming purposes, a weekend or experiential farming plan must be submitted. In cases of joint acquisition, the farmland location for each owner must be specified, and documents verifying this must be submitted together. The maximum number of co-owners per parcel will be limited to seven or fewer, as determined by local government ordinances.

Additionally, issuance of farmland acquisition qualification certificates will be restricted if ▲ the agricultural management plan is not properly written, ▲ supporting documents are not submitted, or ▲ the number of co-acquirers exceeds the limit set by ordinance. These rules will apply to applications submitted after the law’s enforcement date of May 18 next year.

Furthermore, to encourage and systematically support and manage return-to-farming and rural migration, the government will establish a "Return-to-Farming and Rural Migration Integrated Platform" by December next year, allowing users to view and receive support for return-to-farming and rural migration information and services scattered across various institutions at a glance.

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