Nong-eochon Gong Jangseong Branch 'Farmland Transfer Retirement Direct Payment Project' Application and Reception

Published 24 Nov.2023 09:54(KST)

The Korea Rural Community Corporation Jangseong Branch (Branch Manager Kim Jae-jin) has been accepting applications from interested participants since November 1st, in preparation for the full-scale implementation of the ‘Farmland Transfer Retirement Direct Payment Project’ starting next year.

Korea Rural Community Corporation Jangseong Branch.

According to the Jangseong Branch on the 24th, the Farmland Transfer Retirement Direct Payment Project is a program that provides a fixed monthly payment to retired farmers who have agreed to retire, aiming to stabilize the income of retired farmers and expand farmland supply to young farmers.

The eligible participants for this project are farmers aged between 65 and 79 who have continuously engaged in farming for more than 10 years. Support is available when they sell and transfer all their owned farmland except for a minimum area (less than 1,000㎡).

The payment period is up to 10 years, and the support amount varies depending on the method of farmland transfer. If the farmland is sold, 500,000 KRW per hectare is paid monthly, and in the case of ‘sale conditional lease,’ where the land is leased for a certain period before sale, 400,000 KRW per hectare is paid monthly.

The ‘Farmland Transfer Retirement Direct Payment Project,’ which is a restructured version of the existing Management Transfer Direct Payment Project, has expanded the eligible age, payment period, and payment amount compared to before, providing more benefits to farmers planning to retire.

The eligible age has been extended by 5 years from ‘65 to 74 years old’ to ‘65 to 79 years old,’ and the payment period has also been extended by 9 years from 75 to 84 years old, supporting direct payments for up to 10 years after enrollment.

The payment amount has also been significantly increased from a maximum of 275,000 KRW per hectare per month to 500,000 KRW.

Branch Manager Kim Jae-jin said, “Through the revitalization of the newly expanded ‘Farmland Transfer Retirement Direct Payment Project,’ we will actively promote the inflow of young people into rural areas and stabilize the income of retired farmers to help young farmers plan their future and retired farmers plan their retirement.”

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