'Non-agricultural Land Owned by Non-farmers and National/Public Land' Also Purchased by Farmland Bank and Supplied to Young Farmers

Enforcement Decree and Enforcement Rules Amendment and Promulgation of the 'Korea Rural Community Corporation and Agricultural Machinery Management Fund Act'

From now on, the Farmland Bank will be able to purchase and lease 'farmland owned by non-farmers and national/public land' as well. This is intended to secure as much farmland as possible to supply to young farmers and others.

The Ministry of Agriculture, Food and Rural Affairs announced on the 31st that the partial amendment ordinance of the "Korea Rural Community Corporation and Farmland Management Fund Act Enforcement Decree and Enforcement Rules," which includes these details, will be revised and promulgated on the 1st of next month.

This amendment expands the scope of farmland purchases by the Farmland Bank to secure as much farmland as possible for supply to young farmers and others. To this end, the farmland purchase range, which was previously limited to retired farmers' farmland, farmland of farmers who have left farming or switched professions, and inherited farmland, will be expanded to include farmland owned by non-farmers and national/public land.

Support grounds have also been established to maintain farmland purchased by the Farmland Bank that has been damaged by natural disasters and cannot be leased. Through this, the Ministry of Agriculture, Food and Rural Affairs expects that the farmland available for supply to young farmers and others will be further expanded.

The burden of repurchase payments that farmers must repay annually will also be somewhat eased. When farmers who have received support from the Management Rehabilitation Support Farmland Purchase Project repurchase farmland from the Farmland Bank, the repayment period for repurchase payments will be extended from "within 3 years and 3 installments" to "within 10 years and 10 installments" to reduce the economic burden on farmers who need to prepare repurchase funds.

The methods for repaying pension debts after the farmland pension payment period ends will also be expanded. Until now, farmland pension bonds were recovered either by receiving cash repayment or by executing a mortgage on the collateral farmland (auction), but going forward, if the subscriber wishes, repayment can also be made with the collateral farmland.

Additionally, following the lowering of the farmland pension subscription age from 65 to 60 last year, the age criterion for spouses who can inherit the pension upon the subscriber's death will also be lowered from 60 years or older to 55 years or older.

Lee Seung-han, Director of the Farmland Division at the Ministry of Agriculture, Food and Rural Affairs, said, "Through this system improvement, we expect to purchase and stockpile more farmland to supply to young farmers and others who need farmland, thereby facilitating the improvement of the agricultural workforce structure. At the same time, it will also help the households of farmers using the Management Rehabilitation Support Project and the Farmland Pension Project."

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