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

Korea Rural Community Corporation Naju Branch (Branch Manager Kang Su-jin) announced on the 6th that it is accepting applications from those wishing to participate in the 'Farmland Transfer Retirement Direct Payment Project.'

Farmland Transfer Retirement Direct Payment Poster. [Photo by Nong-eochon Gong Naju Branch]

This project, newly launched this year, was established to promote income stability for elderly farming households and to facilitate generational transition in rural areas.

The eligibility criteria for farmers applying for the project are those aged between 65 and 79 who have continuously managed agricultural operations for more than 10 years.

Selected participants can receive direct payments for up to 10 years, until the age of 84. The farmland must be located within an agricultural promotion area or be land that has undergone land consolidation, and must have been continuously owned for more than three years, including rice paddies, fields, or orchards.

There are two main methods for transferring farmland: sale and conditional lease with sale. In the case of sale, the farmland transfer retirement direct payment (KRW 500,000/month per hectare) and farmland sale price (when sold to the corporation) are provided.

The conditional lease with sale involves leasing the owned farmland for a certain period before selling it, enrolling in a retirement direct payment-type farmland pension. This provides retirement direct payments (KRW 400,000/month per hectare), farmland pension (up to KRW 3,000,000/month), lease fees, and farmland sale price.

Compared to the existing management transfer direct payment project, the payment rate per hectare has significantly increased: from KRW 275,000 to KRW 500,000 per month for sales, and from KRW 210,000 to KRW 400,000 per month for leases, greatly enhancing income support for retiring farmers.

Kang Su-jin, Branch Manager of Naju, stated, “Through the farmland bank project promoted by the corporation, we will establish an income safety net for elderly farmers and lower the initial entry barriers for young farmers, striving to improve the aging agricultural workforce structure.”

For more details, please check the information leaflets available at the town, township, and neighborhood administrative welfare centers, visit the Farmland Bank portal, or contact the Korea Rural Community Corporation Naju Branch by phone or visit for individual 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.