Nong-eochon Gong Naju Branch 'Next Year Farmland Transfer Retirement Direct Payment Project' Application

Published 16 Nov.2023 13:48(KST)

The Korea Rural Community Corporation Naju Branch (Branch Manager Han Hwajin) announced on the 16th that it will implement the ‘Farmland Transfer Retirement Direct Payment Project’ starting next year and has been accepting applications from interested participants since the 1st.

A view of the Naju branch of Korea Rural Community Corporation. [Photo by Korea Rural Community Corporation]

The Farmland Transfer Retirement Direct Payment Project was launched to promote generational change in rural areas by transferring farmland from retiring farmers to young farmers and to stabilize the income of elderly farming households.

The project pays direct payments only when a farmer with more than 10 years of farming experience sells and transfers all owned farmland except for the minimum area (less than 1,000㎡).

This is distinctly different from the existing ‘Management Transfer Retirement Direct Payment Project,’ which paid direct payments to farmers who transferred agricultural management through leasing owned farmland.

Also, the payment rate of direct payments (based on sales) has been significantly increased from a maximum of 275,000 KRW per hectare per month to 500,000 KRW per month, and the upper age limit for enrollment, which was previously 74 years old, has been raised to 79 years old. Depending on the enrollment age, direct payments can be received for up to 10 years until the age of 84.

When combined with the retirement direct payment type farmland pension (conditional sale lease) among farmland pension products, a triple-layered income safety net can be established, including the farmland transfer retirement direct payment, monthly farmland pension payments, and rental fees during the lease period.

The method of transferring owned farmland can be either through sales via the Korea Rural Community Corporation or private sales between individuals, and in the case of private sales, related supporting documents must be submitted.

Farmland transferred by retiring farmers to the corporation will be provided to young farmers through customized farmland support projects (farmland sales) and public leasing of reserved farmland to help them expand their farming scale.

Branch Manager Han Hwajin said, “The corporation is promoting various projects through the farmland bank business to facilitate generational change in rural areas and stabilize farmers’ incomes. We will continue to expand support to help young farmers grow and ensure a stable retirement for retiring farmers.”

Meanwhile, the Ministry of Agriculture, Food and Rural Affairs and the Korea Rural Community Corporation plan to continuously promote the new direct payment project through various methods such as sending text messages to eligible local farmers and placing informational leaflets at town and township offices.

For more detailed information about the project, you can check the Farmland Bank Portal or contact the Korea Rural Community Corporation Naju Branch by phone or visit for individual consultation.