Haenam-gun Provides Income Compensation Support When Minimum Prices of Agricultural Products with Supply Instability Fall

Minimum Price Determination for Agricultural Products with Supply Instability Such as Autumn Cabbage

Haenam-gun, Jeollanam-do, will implement income compensation support for farmers by covering the difference when agricultural product prices fall below the minimum price.

On the 31st, the county held the 2023 Haenam-gun Agricultural Income Compensation Support Deliberation Committee and decided on the minimum prices for agricultural products with unstable supply and demand.

Haenam-gun Office Building Exterior
[Photo by Haenam-gun]

The target items are agricultural products designated by the Haenam-gun Agricultural Income Compensation Support Ordinance for stabilizing farmers' income, with minimum prices set as follows: autumn cabbage (10 kg) 4,662 KRW, winter cabbage (10 kg) 4,740 KRW, chili pepper (600 g) 9,384 KRW, garlic (10 kg) 43,622 KRW, onion (15 kg) 8,849 KRW, green onion (1 kg) 1,091 KRW, radish (20 kg) 9,328 KRW, potato (20 kg) 22,681 KRW, and sweet potato (10 kg) 22,970 KRW.

If the wholesale market price of the supported agricultural products remains below the minimum price for 10 consecutive days during the shipping period, support will be finally decided through a deliberation committee meeting.

However, as a fund of 50 billion KRW is being raised until 2025, and due to regulations that prohibit spending more than 10% of the principal amount of the fund, full-scale implementation is expected to begin after the fund raising is completed.

At this deliberation committee meeting, various opinions were gathered ahead of the full-scale implementation around 2025, and a preliminary review was conducted to ensure the stable establishment of the system.

The county plans to announce the minimum prices decided by the deliberation committee through the county bulletin and website by the end of June, and will prepare detailed implementation guidelines to ensure timely execution of the project.

Meanwhile, Haenam-gun amended the Agricultural Income Compensation Support Ordinance for the Stabilization of Farmers' Income in 2021 to support the difference when wholesale market prices of agricultural products fall below the minimum price, and has been promoting the establishment of a 50 billion KRW fund by 2025.

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