Nong-eochon Gong Hwasun Branch 'Farmland Transfer Retirement Direct Payment Project' Application and Reception

The Korea Rural Community Corporation Hwasun Branch (Branch Manager Kim Gijin) plans to implement the ‘Farmland Transfer Retirement Direct Payment Project’ starting this year and is currently accepting applications from interested participants.

According to the Korea Rural Community Corporation Hwasun Branch on the 18th, the Farmland Transfer Retirement Direct Payment Project is designed to support farmers by purchasing farmland in agricultural promotion areas or consolidated farmland outside these areas to help stabilize their lives after retirement. This project is distinguished from the existing ‘Management Transfer Direct Payment Project.’

The eligibility criteria for this project require farmers aged between 65 and 79 who have been continuously engaged in agricultural management for more than 10 years.

Farmland Transfer Retirement Payment Poster. [Photo by Rural Development Administration Hwasun Branch]

The new project, starting in 2024, has significantly increased the payment rate of direct payments (based on sales) to a maximum of 500,000 KRW per hectare per month (previously 275,000 KRW), and the upper age limit for enrollment has been raised from 74 to 79 years old.

Depending on the enrollment age, participants can receive direct payments for up to 10 years until the age of 84. When linked with the retirement direct payment-type farmland pension (conditional sale lease), it is possible to establish a triple-layered income safety net after retirement, including farmland transfer retirement direct payments, monthly farmland pension payments, and rental fees during the lease period.

There are two ways to transfer owned farmland: selling it to the Korea Rural Community Corporation or directly selling it to young farmers, among others.

Farmland transferred by retired farmers to the corporation will be provided through tailored farmland support projects (farmland sales), public rental of reserved farmland, and other methods to help young farmers expand their farming scale.

Kim Gijin, Branch Manager of Hwasun, stated, “The corporation is promoting various projects through the farmland bank business to stabilize the lives and incomes of farmers. We will strive to activate the farmland transfer retirement direct payment project to support the growth of young farmers and ensure a stable retirement for retired farmers.”

Meanwhile, the Ministry of Agriculture, Food and Rural Affairs and the Korea Rural Community Corporation plan to continue promoting the new direct payment project through various methods such as sending text messages to eligible local farmers and placing informational leaflets at town and township offices.

For more details, you can check the Farmland Bank Portal or contact the Korea Rural Community Corporation Hwasun Branch by phone or visit for individual consultations.

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