Full-Scale Promotion of Farmland Transfer Retirement Payment System... 500,000 KRW per Hectare Monthly for Up to 10 Years When Selling Farmland

'Revision of Enforcement Regulations for Direct Payment System for Agricultural Producers' Approved at Cabinet Meeting

The Farmland Transfer Retirement Direct Payment System, which pays 500,000 KRW per hectare per month for up to 10 years when farmland is sold, will be actively promoted.

The Ministry of Agriculture, Food and Rural Affairs announced that the partial amendment to the "Enforcement Regulations of the Direct Payment System for Agricultural Producers (Presidential Decree)" containing this content was approved at the Cabinet meeting on the 19th.

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The Farmland Transfer Retirement Direct Payment System is a program where the government provides direct payments for up to 10 years depending on age when elderly farmers transfer farmland they have owned for more than three years to young farmers and retire from agricultural management.

The Ministry of Agriculture, Food and Rural Affairs expanded and reorganized the existing "Management Transfer Direct Payment System" into the "Farmland Transfer Retirement Direct Payment System" to encourage the retirement and farmland transfer of elderly farmers and to activate farmland supply to young farmers, thereby promoting generational transition. To this end, the enforcement regulations were amended to shift the target of farmland transfer from "full-time farmers" to "young farmers," improve the farmland transfer method to focus on "sale," and strengthen support benefits for related projects. The payment unit price was raised from 3.3 million KRW to 6 million KRW per hectare for sales, and from 2.5 million KRW to 4.8 million KRW per hectare for leases (limited to conditional leases with sale).

The Ministry plans to finalize the 2024 Farmland Transfer Retirement Direct Payment Project Implementation Guidelines in March (project scale 3,000 hectares, new budget 12.6 billion KRW) and sequentially select main project participants from the preliminary applicants recruited so far. In the case of sales, in addition to the farmland sale price, retirement direct payments of 500,000 KRW per hectare per month will be paid for up to 10 years.

An official from the Ministry of Agriculture, Food and Rural Affairs said, "Through this amendment, we expect farmland supply to be activated even for young farmers who have difficulty securing farmland," and added, "Those who wish to participate in the Farmland Transfer Retirement Direct Payment Project can apply anytime through the Korea Rural Community Corporation, so we ask for your great interest."

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