The Korea Rural Community Corporation Damyang Branch (Branch Manager Kim Geon-gyeong) announced on the 17th that the first subscriber of Damyang-gun to the "Farmland Transfer Retirement Direct Payment Project," which helps elderly farmers secure stable living after retiring from farming, has been established.
Mr. Park (73 years old), selected as the project recipient, signed a subsidy support agreement on the day and will receive retirement direct payments of about 150,000 KRW per month for a total of 10 years starting next month, becoming the first recipient of farmland transfer retirement direct payments in Damyang-gun.
The Damyang branch of the Korea Rural Community Corporation has welcomed the first subscriber in Damyang County to the "Farmland Transfer Retirement Payment Project," which supports the livelihood stability of elderly farmers after retirement from farming. [Photo by Korea Rural Community Corporation Damyang]
Mr. Park expressed satisfaction, saying, "I think it will help with my life after retiring from farming."
The Farmland Transfer Retirement Direct Payment Project is a program that pays a fixed monthly direct payment for up to 10 years when elderly farmers (aged 65 to 84) sell their farmland to the Korea Rural Community Corporation or individuals under 65 years old.
The farmland transferred by elderly farmers will be preferentially provided to young farmers to support the improvement of agricultural productivity and preparation for future agriculture.
Eligibility requires farmers currently aged between 65 and 84 who have continuously farmed for more than 10 years, and the farmland must be paddy fields, dry fields, or orchards in promotion areas or land readjustment non-promotion areas owned for more than 3 years.
The support amount is 500,000 KRW per hectare per month if the farmland is sold immediately, and 400,000 KRW per hectare per month for sale-conditional leases where the land is leased for a certain period before sale.
Branch Manager Kim Geon-gyeong stated that the Farmland Transfer Retirement Direct Payment Project "is a program implemented from this year to support the elderly farmers' retirement life and secure the farming base for young farmers, and we will actively support so that as many elderly farmers and young farmers as possible can benefit."
Asia Economy Honam Reporting Headquarters Reporter Kim Yuk-bong baekok@asiae.co.kr
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