Nong-eochon Gong Jangseong Branch Launches New 'Farmland Transfer Retirement Direct Payment Project'

The Jangseong Branch of Korea Rural Community Corporation (Branch Manager Kim Jae-jin) will newly promote the 'Farmland Transfer Retirement Direct Payment Project' from this year to stabilize the income of retired farmers and expand farmland supply to young farmers.

Farmland Transfer Retirement Direct Payment Poster,
[Photo by Rural Development Administration Jangseong Branch]

According to the Jangseong Branch of Korea Rural Community Corporation on the 5th, the Farmland Transfer Retirement Direct Payment Project is a program that supports a fixed monthly direct payment (up to 10 years) when elderly farmers sell their farmland (including conditional lease sales) to Korea Rural Community Corporation or others to encourage retirement from farming and help stabilize their lives after retirement.

The farmland transferred by elderly farmers will be preferentially provided to young farmers to improve agricultural productivity and prepare for future agriculture.

The eligibility and support criteria for applying to the Farmland Transfer Retirement Direct Payment are as follows: ▲(Farmer requirements) As of January 1, 2024, farmers aged between 65 and 79 (born between January 1, 1945, and December 31, 1959) who have continuously managed farming for more than 10 years.

▲(Farmland requirements) The farmland to be transferred must be farmland in agricultural promotion areas or farmland outside agricultural promotion areas where land consolidation has been completed, and must be paddy fields, dry fields, or orchards continuously owned for more than 3 years.

▲(Subsidy payment requirements) Among owned farmland, farmland where cultivation is allowed (less than 1,000 square meters) must not be transferred, and there must be no farmland currently leased or used.

The direct payment amount varies depending on the transfer method. In the case of transfer by sale, 500,000 KRW per hectare per month (6 million KRW annually) is paid, and in the case of transfer by conditional lease sale, 400,000 KRW per hectare per month (4.8 million KRW annually) is paid.

When transferring by sale (a method where farmers directly sell their farmland to Korea Rural Community Corporation, young farmers, etc.), both the farmland sale price and the farmland transfer retirement direct payment are provided.

Also, when transferring by conditional lease sale (a method where farmers lease their farmland to the Farmland Bank and join a retirement direct payment-type farmland pension that sells the land after the farmland pension payment period ends), farmland pension monthly payments, farmland lease fees, and farmland transfer retirement direct payments are provided together.

Branch Manager Kim Jae-jin said, "We will focus all our efforts on revitalizing the Farmland Transfer Retirement Direct Payment Project to attract young people to rural areas and stabilize the income of retired farmers, actively promoting it so that more elderly farmers can benefit."

For more details, check the Farmland Bank portal or contact the Jangseong Branch of Korea Rural Community Corporation.

Asia Economy Honam Reporting Headquarters Reporter Kim Yuk-bong baekok@asiae.co.kr

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