Nong-eochon Gong Haenam Wando Branch, First Subscriber to Farmland Transfer Retirement Payment Project

“It’s great that farmers can retire with dignity without relying on their children as they get older. Farming is physically demanding, and I didn’t want to sell this good land to just anyone. When I heard that the corporation would buy the land and provide a pension for 10 years, I thought now is the time to retire from farming.”

This is why Park Rae-an (71) from Haenam-gun immediately inquired about the related project at the Haenam-Wando branch office upon hearing the news that the Agricultural Land Transfer Retirement Direct Payment Project would be implemented early this year.

Kim Taeheon, Head of Haenam Wando Branch, and Park Raean, the first subscriber to the Haenam Farmland Transfer Retirement Payment Project, are taking a commemorative photo.
[Photo by Haenam Wando Branch, Korea Rural Community Corporation]

In fact, he became the first subscriber to the Agricultural Land Transfer Retirement Direct Payment Project at the Haenam-Wando branch. He sold 5,800㎡ of land to the corporation and agreed to receive an additional retirement direct payment of about 300,000 KRW per month for 10 years.

Park Rae-an worked as a public official in the city before retiring in 2013 and returning to his hometown. Starting late as a farmer, his second act of life was fueled by passion for agriculture and rural areas, attending three agricultural universities. Although a small-scale farmer, he was as active as native farmers in areas such as eco-friendly farming, healing agriculture, and cooperatives.

Even he inevitably faced physical challenges but could not easily give up farming. Although small-scale, the land was precious to him, so he seriously considered retirement from farming without selling it carelessly.

Upon hearing about the ‘Agricultural Land Transfer Retirement Direct Payment Project’ method, he thought it was a meaningful way he had hoped for and was able to retire immediately.

When asked cautiously if the reason he waited to retire from farming was due to the difficult environment of agriculture, he replied that it was because he had started dreaming a new dream.

“Even if I stop farming, I planned my third act of life with the desire to contribute to rural areas in some way.” Having lived farming himself, he said there were many needs beyond just farming. He wants to use his experience as an asset to contribute anew to agriculture and rural communities through mutual aid, which is a traditional way of life in rural areas.

Now that his third act of life has begun, the hope he shared resembled the clear and simple countryside. “It’s important for young people to come to rural areas, but I think it’s even more important for many people to gather in rural areas regardless of age or generation. I hope policies for retired farmers, like this one, continue to expand so that they can enjoy a more comfortable life in rural areas after retirement,” he said.

In fact, the corporation prioritizes providing farmland purchased through the ‘Agricultural Land Transfer Retirement Direct Payment Project’ to young farmers, helping them settle in agriculture on high-quality farmland from retired farmers.

The ‘Agricultural Land Transfer Retirement Direct Payment Project’ was expanded and reorganized from the existing ‘Management Transfer Direct Payment System’ by extending the eligible age and payment period and increasing the payment rate, and has been implemented since this year.

The Jeonnam Regional Headquarters plans to support 2.482 billion KRW through this project this year, and after 55 contracts have been completed so far, inquiries for subscription are flooding in.

Jo Young-ho, head of the Jeonnam Regional Headquarters, said, “We will strive to establish the Agricultural Land Transfer Retirement Direct Payment Project as a system that guarantees a comfortable retirement life for elderly farmers who have devoted a long time to agriculture and allows young farmers to realize their dreams through agriculture on that farmland.”

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