Nong-eochon Gong Jeonnam 'Nongji Iyangi Euntoe Jikbul Saeop' Application

The Jeonnam Regional Headquarters of Korea Rural Community Corporation (Head: Jo Young-ho) announced on the 6th that it is accepting applications for the 'Farmland Transfer Retirement Direct Payment Project' to ensure a stable retirement life after the farming retirement of elderly farmers.

The newly implemented Farmland Transfer Retirement Direct Payment Project this year supports elderly farmers who sell their farmland owned to the Korea Rural Community Corporation or directly to young farmers by providing monthly direct payments for up to 10 years, until the age of 84.

Main gate of Korea Rural Community Corporation Jeonnam Regional Headquarters.
Photo by Korea Rural Community Corporation Jeonnam

This project targets farmers aged between 65 and 79 (born between January 1, 1945, and December 31, 1959) who have been continuously managing their farms for more than 10 years. It aims to support stable living after retirement by selling farmland located in agricultural promotion areas or farmland outside agricultural promotion areas where land consolidation has been completed.

Farmland transfer can be done through sale or sale with conditional lease, and applications are accepted for up to 4 hectares. In the case of transfer by sale, the seller receives the sale price and a monthly payment of 500,000 KRW per hectare (up to 2,000,000 KRW).

In the case of transfer by sale with conditional lease, the farmland is leased to the corporation under the 'Retirement-type Farmland Pension' scheme and is sold when the farmland pension payments end. The seller receives the sale price (excluding farmland pension debt), rent, farmland pension, and a monthly direct payment of 400,000 KRW per hectare (up to 1,600,000 KRW).

Head Jo Young-ho stated, “The farmland secured through the Farmland Transfer Retirement Direct Payment system will be preferentially provided to young farmers to help prepare for the future of agriculture. Since this project is designed to provide stable income to retired farmers, we will strive to ensure that more elderly farmers can benefit.”

For more details, please check the Farmland Bank portal or contact the Farmland Bank project representative phone number for inquiries and consultations.

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

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