Nong-eochon Gong Jangseong Branch Promotes 'Farmland Transfer Retirement Direct Payment Project and Farmland Pension'

The Jangseong Branch of Korea Rural Community Corporation (Branch Manager Kim Jae-jin) announced on the 28th that it promoted the 2024 new projects, ‘Farmland Transfer Retirement Direct Payment Project’ and ‘Farmland Pension Project,’ to students of the Jangseong-gun Senior College the day before.

Korea Rural Community Corporation Jangseong Branch.

At this event, the corporation introduced its representative projects that support a stable life after retirement from farming, the Retirement Direct Payment Project and the Farmland Pension Project, to about 100 senior college students, receiving a great response.

The ‘Farmland Transfer Retirement Direct Payment Project’ is a program where elderly farmers aged between 65 and 84 transfer their farmland to young farmers, etc., and receive monthly retirement direct payments.

When the owned farmland is sold to the corporation or leased on the condition of sale, 500,000 KRW per hectare per month is supported; if farmland leased under the condition of sale is transferred, 400,000 KRW per hectare per month is supported.

The ‘Farmland Pension Project’ is a program that pays a monthly pension using farmland owned by elderly farmers aged 60 or older as collateral. The pension amount is determined based on the farmland’s area and price, as well as the subscriber’s age.

Subscribers can receive the pension while directly cultivating the farmland or leasing it to others, thereby generating additional income.

Both projects guarantee a stable retirement life for elderly farmers, assist farmers considering retirement, and contribute to the structural improvement of agriculture by transferring sold farmland to young farmers, etc.

Branch Manager Kim Jae-jin said, “Since these projects are promoted to ensure a stable retirement life for retired and elderly farmers, we will actively promote them, communicate with farmers, and strive to support so that more people can benefit.”

For more details, consultations are available via the Farmland Bank’s main phone number, the online Farmland Bank portal, or by visiting the Korea Rural Community Corporation Jangseong Branch.

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