Fishermen Complying with Total Allowable Catch to Receive Up to 1.5 Million KRW Annual Direct Payment

From the 1st, Four Direct Payment Systems Implemented Including Fisheries Resource Protection and Eco-friendly Seafood Production Support

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] Starting this month, the government will provide fisheries public interest direct payments to fishermen who catch fish while adhering to the Total Allowable Catch (TAC) and to fish farms that use eco-friendly feed in aquaculture operations.

On the 1st, the Ministry of Oceans and Fisheries announced that it will implement the Fisheries Resource Protection Direct Payment System (Direct Payment System) from today and will accept applications until next month.

Previously, on May 26 last year, the Ministry of Oceans and Fisheries amended the "Act on the Operation of Direct Payment System for the Promotion of Public Functions of Fisheries and Fishing Villages" (Fisheries Direct Payment Act). On the 23rd of last month, the enforcement decree of this law was reviewed and approved at the Cabinet meeting, and from today, four fisheries public interest direct payment systems will be implemented.

Source: Ministry of Oceans and Fisheries

Among the four direct payment systems, the "Fisheries Resource Protection Direct Payment System" provides an annual direct payment of 1.5 million KRW to fishermen owning fishing vessels of 2 tons or less who strive to protect fisheries resources by complying with TAC and voluntary fishing moratoriums. For vessels exceeding 2 tons, direct payments ranging from 650,000 to 750,000 KRW per ton annually are given.

The Ministry of Oceans and Fisheries plans to select payment recipients in August after deliberation by the Central Fisheries Resource Management Committee. After checking the fulfillment of obligations by recipients in September and October, the direct payments will be made in December.

Source: Ministry of Oceans and Fisheries

Applications are also being accepted for another direct payment system, the "Eco-friendly Fisheries Production Support Direct Payment System." This system provides direct payments to fishermen who receive eco-friendly fisheries certification or use eco-friendly compound feed. It is divided into "Production Support Direct Payment" (Certification Direct Payment) and "Compound Feed Direct Payment."

Source: Ministry of Oceans and Fisheries

The Certification Direct Payment provides payments to aquaculture farms that have received eco-friendly fisheries certification and comply with the Hazard Analysis and Critical Control Points (HACCP) standards, considering the product type and certification level. Support ranges from 530,000 KRW to 272.92 million KRW per hectare depending on the product and certification stage.

Through the Compound Feed Direct Payment, aquaculture farms using compound feed verified by feed testing institutions receive between 5,420 and 12,390 KRW per 20kg bag of feed, up to a maximum limit of 290 million KRW per farm.

Applications for the Certification Direct Payment are accepted until the 30th of next month, and for the Compound Feed Direct Payment until the 15th of this month, at the relevant local governments.

Additionally, the Management Transfer Direct Payment (targeting fishermen aged 65 to under 75 who receive management from fishermen aged 55 or younger) and the Disadvantaged Area Direct Payment (targeting island areas with unfavorable fishing production and settlement conditions) will also be implemented starting today.