Nong-eochon Gong Haenam·Wando Branch Promotes 'Farmland Transfer Retirement Direct Payment System'

The Korea Rural Community Corporation Haenam-Wando Branch (Branch Manager Kim Taeheon) announced on the 11th that it has been promoting the ‘Farmland Transfer Retirement Direct Payment System’ from this year to support the livelihood stability of elderly farmers after retirement from farming.

Korea Rural Community Corporation Haenam-Wando Branch has recently been promoting the 'Retirement Direct Payment System for Farmland Transfer' at traditional markets.
[Photo by Korea Rural Community Corporation Haenam-Wando Branch]

The applicants must be farmers who have been continuously managing agriculture for more than 10 years, and the farmland eligible includes agricultural promotion areas owned for more than 3 years and non-promotion areas where land consolidation has been completed.

The eligible age range has been expanded to include those from 65 to 83 years old, and the support amount is 500,000 KRW per hectare per month when selling farmland (including private sales). In the case of lease with sale conditions, where farmland is leased for a certain period before selling, 400,000 KRW per hectare per month is paid. The payment limit is up to 4 hectares (support amount of 2 million KRW).

The Farmland Transfer Retirement Direct Payment System aims to help retired elderly farmers stabilize their post-retirement life, and the transferred farmland will be preferentially supplied to young farmers to improve agricultural productivity and help them prepare for future agriculture such as intelligent farms (Smart Farms) and green bio.

For more detailed information, inquiries can be made to the Korea Rural Community Corporation Haenam-Wando Branch for consultation.

Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong baekok@asiae.co.kr

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