2,000 KRW Support per 40kg Sack of Rice
Applications Accepted Until the 4th of Next Month
Haenam County in Jeonnam Province (Governor Myung Hyun-kwan) will provide joint income support payments to rice farmers next month.
According to the county on the 24th, a public-private and local organization agreement was signed in December last year to support and stabilize rice prices, and joint income support for rice farmers has been promoted since then.
Under this project, Haenam County will provide 2,000 KRW per 40kg sack for rice purchased by the local Nonghyup (National Agricultural Cooperative Federation), and the local Nonghyup will additionally provide at least 2,000 KRW, guaranteeing the 2024 rice purchase price to be at least 61,000 KRW per 40kg sack, which was the lowest price in the previous year.
At the time of the agreement, the rice price per 40kg sack was set at 57,000 KRW, which determined the amount of support. For rice purchased by the Nonghyup, applications were collected in bulk and advance payments were made to farmers by the end of 2024. For other purchases, individual farmers must apply to receive the payment. Other purchases refer to rice produced excluding public stockpiling, Nonghyup shipments, and self-consumption.
For public stockpiled rice, prices were set at 61,000 KRW or higher, and for Nonghyup shipments, advance payments were already made by Nonghyup, so the county will provide the support funds to Nonghyup in a lump sum.
The application period is from the 24th until the 4th of next month, and applications can be submitted at the local township offices. Eligible applicants are rice farmers who have continuously resided in Haenam County and cultivated rice as of 2024.
After verifying the eligibility of applicants, the support payments will be made by the end of next month. The payments will be funded by the Haenam County Agricultural Income Preservation Fund, totaling more than 5.1 billion KRW.
Governor Myung Hyun-kwan said, "We hope this support project will provide practical help in stabilizing rice prices and increasing farm income," and added, "We will continue to work with the local community to implement effective policies in the future."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
