Nong-eochon Gong Naju, First and Second Subscribers of Farmland Transfer Retirement Direct Payment Project Established

The first and second subscribers to the farmland transfer retirement direct payment project in the Naju area of Jeonnam have been born.

On the 29th, according to the Korea Rural Community Corporation Naju Branch (Branch Manager Kang Su-jin), Mr. Lee (76), who has been farming in Naju for over 40 years, found it difficult to continue farming due to old age, so he sold his farmland to the corporation, retired from agriculture, and applied for the project to receive retirement direct payments.

Selected as a project beneficiary, Mr. Lee sold all his farmland except for less than 1,000㎡ and received the sales proceeds in a lump sum. Additionally, he will receive a retirement direct payment of 750,000 KRW per month (500,000 KRW/ha per month) for nine years.

Mr. Lee said, "Although my income as a farmer will decrease since I no longer farm, I have no major worries as the retirement direct payment compensates for it," and added, "It is meaningful to pass on the farmland to those who need it as I retire from agriculture."

If you want to retire but do not wish to sell your farmland immediately, you can join the retirement direct payment-type farmland pension.

Mr. Jo (77), a subscriber to the retirement direct payment-type farmland pension, will receive 580,000 KRW monthly as farmland pension, 100,000 KRW monthly as retirement direct payment (400,000 KRW/ha per month), and 600,000 KRW annually as rent for eight years, on the condition of selling his farmland to the corporation.

Kang Su-jin, head of the Naju branch, said, "I am pleased to be able to offer a meaningful retirement gift to retired farmers who have contributed to the development of rural areas and agriculture over a long period," and added, "We will work hard to promote the farmland transfer retirement direct payment project so that we can meet more subscribers."

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

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