Jangseong Rural Agricultural Corporation, First Regional Recipient of Farmland Transfer Retirement Payment Emerges

The Jangseong Branch of Korea Rural Community Corporation (Branch Manager Kim Jae-jin) announced on the 28th that the first recipient of the retirement direct payment in Jangseong-gun has emerged, as it actively promotes the new 2024 project, the ‘Farmland Transfer Retirement Direct Payment Project.’

Mr. Ko (75 years old), residing in Hwangryong-myeon, Jangseong-gun, signed a farmland transfer payment agreement on this day and will receive a total of 24 million KRW over 10 years, with 200,000 KRW paid monthly starting next month as retirement direct payments.

The ‘Farmland Transfer Retirement Direct Payment Project’ is a system that supports retired elderly farmers’ livelihood stability by providing a fixed monthly direct payment when farmers sell or lease their farmland to the corporation under a sales condition.

The eligibility criteria require farmers aged between 65 and 79 at the time of agreement signing, with more than 10 consecutive years of farming experience. The farmland must have been owned for over 3 years and be located in promotion areas or non-promotion areas with land consolidation, including rice paddies, fields, or orchards. The support amount varies depending on the method of farmland transfer.

For transfers by sale, 500,000 KRW per hectare is paid monthly (6 million KRW annually), and for transfers by lease under sales conditions, 400,000 KRW per hectare is paid monthly (4.8 million KRW annually).

Branch Manager Kim Jae-jin stated, “Since the Farmland Transfer Retirement Direct Payment Project is designed to ensure a stable retirement life for retired and elderly farmers, we will actively promote and support it so that more elderly farmers can benefit during their retirement period.”

For more details, consultations are available at the Farmland Bank, the online Farmland Bank portal, or by visiting the Korea Rural Community Corporation Jangseong Branch.

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