Jeongeup City to Provide 'FTA Damage Compensation Direct Payment' Before Lunar New Year

Payments of 1.77 Billion KRW to 1,105 Farms
Support Provided Ahead of Lunar New Year for Hanwoo and Yukwoo Farmers

Jeongeup City in North Jeolla Province will provide 1.77 billion KRW in FTA compensation direct payments for the livestock sector to ensure the management stability of Hanwoo and Yukwoo cattle farmers before the Lunar New Year holiday.

According to the city on the 23rd, the FTA compensation direct payment for the livestock sector is a system that partially compensates losses for Hanwoo, Yukwoo, and calves that have suffered price drops due to a surge in imports following the implementation of Free Trade Agreements (FTA).

Jeongeup City Hall exterior view. Provided by Jeongeup City

This direct payment will be provided to 1,105 farms selected after document and on-site inspections, following applications received from July to August last year.

The payment criteria are based on the number of animals shipped per farm and the support unit price by item. Hanwoo will receive 53,119 KRW per head, Yukwoo 17,242 KRW per head, and calves 104,450 KRW per head. The payment limit is up to 35 million KRW per individual farm and up to 50 million KRW per corporation.

An official from Jeongeup City stated, "Many farms are facing difficulties due to the recent decline in Hanwoo and Yukwoo prices," and added, "We hope that the compensation direct payment will be of some help to stabilize farm management."

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