The Korea Rural Community Corporation Haenam-Wando Branch (Branch Manager Kim Taeheon) announced on the 21st that it is promoting the ‘Retirement Direct Payment Type Farmland Pension Project’ for farmers who wish to apply for the ‘Farmland Transfer Retirement Direct Payment System’ to help stabilize the lives of elderly farmers after retirement from farming starting this year.
The Korea Rural Community Corporation Haenam-Wando Branch has recently been promoting the "Retirement Direct Payment Type Farmland Pension" at traditional markets. [Photo by Korea Rural Community Corporation Haenam-Wando Branch]
The application target for the ‘Retirement Direct Payment Type Farmland Pension Project’ is elderly farmers (aged 65 to 84) who have been continuously engaged in agricultural management for more than 10 years, and the farmland eligible includes agricultural promotion areas owned for more than 3 years and non-promotion areas where land consolidation has been completed.
Farmers who join the ‘Retirement Direct Payment Type Farmland Pension Project’ lease their farmland to young farmers, etc., for a certain period, then transfer ownership to the corporation, thereby enjoying the effect of “killing four birds with one stone” by receiving farmland pension (up to 3 million KRW per month), retirement direct payment (40,000 KRW per month per hectare), farmland rental fees, and farmland sale proceeds.
Meanwhile, the farmland transferred to the corporation through the ‘Retirement Direct Payment Type Farmland Pension Project’ will be preferentially provided to young farmers to support the improvement of agricultural productivity and preparation for future agriculture such as smart farms and green bio.
For more details, inquiries can be made to the Korea Rural Community Corporation Haenam-Wando Branch for consultation.
Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong baekok@asiae.co.kr
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