Farmland Pension Receive up to 3 million won Pension Farmland Pension Subscription Conditions Payment Method
It is said that you can receive up to 3 million won per month as a monthly pension as a farmland pension.
The Farmland Pension is a government-supported project designed by the Ministry of Agriculture, Food and Rural Affairs and the Korea Rural Community Corporation since 2011. In order to guarantee a stable retirement life for elderly farmers, monthly pensions are provided to stabilize funds for retirement living by collateralizing farmland owned by elderly farmers aged 60 or older. It is a system paid by 농지연금 가입조건
Find out about the conditions for subscribing to farmland pension 좋은뉴스
– Farmland pension subscription age
As of the end of the farmland pension viewing year, the farmland owner must be 60 years of age or older (in the case of 2022, a person born before 1962.12.31)
You can choose from a variety of farmland pension types depending on your fund needs and age.
Life sentence/management transfer sentence: 60 years of age or older
5-year fixed-term fixed-term fixed-term payment: 78 years of age or older
10-year fixed-term fixed-term fixed-term payment: 73 years of age or older
15 years of fixed-term fixed-term fixed-term payments for those over the age of 68
Age refers to the civil law age and is calculated and applied based on the date of birth in the resident registration.
– Farmland pension farming experience
Applicant must have at least 5 years of farming experience
From the date of application for Farmland Pension, you must have farming experience for at least 5 years in the past, and farming experience does not have to be continuous right before the application date, and it is not necessary to have a total of 5 years or more during the entire farming period.
– Farmland subject to farmland pension
As of the farmland pension application date, the collateral farmland must meet all of the following requirements:
Among the farmland under the Agricultural Land Act, the designation for the study is farmland owned by the subject of the project and actually used for farming as fields, paddies, and orchards.
In the case of newly acquired farmland after January 1, 2020
The farmland must be owned by the person subject to the project for at least two years, and the inherited farmland includes the holding period of the ancestor.
Based on the address on the resident registration, the address of the business subject must be farmland located within the city, county, or district where the mortgaged farmland is located or within a city, county, or district adjacent to it, or located in an area within 30 km of the address and the mortgaged farmland in a straight line.
Farmland for which restricted real rights such as mortgages have not been established and farmland that is not subject to seizure, provisional seizure, provisional disposition, etc.
– Farmland excluded from farmland pension
Land where illegal structures are installed and farmland jointly owned by a person other than the principal and spouse
Designation and implementation of development areas and development plans, farmland in areas where development plans have been finalized, etc. Excluded farmland as specified in the Farmland Pension Work Handling Guidelines
Farmland acquired through auctions and public auctions (including sales and gifts after auctions and public auctions) after January 1, 2018
However, as of the farmland pension application date, if the period of holding the collateral farmland is more than 2 years and the applicant is within 30km of the standard residence on the resident registration, collateral can be secured.
Farmland pension payment method
<Life imprisonment receiving pension until death>
Lifetime installment type is a type in which a certain amount is paid every month until the death of the subscriber and his or her spouse.
The type that receives more than the fixed-rate type during the first 10 years of subscription and less from the 11th year
Occasional withdrawal type is a type in which the necessary amount can be withdrawn at any time within 30% of the total payable amount
<Term type to receive annuity during the set period>
Fixed-term fixed-term (5 years/10 years/15 years) is a type in which a certain amount is paid every month for a certain period of time selected by the subscriber.
The management transfer type is a type of receiving more pension on the premise of transferring ownership to the corporation at the end of the payment period.
How much farmland pension can I receive?
The monthly farmland pension payment is determined according to the age of the subscriber, farmland price, and payment method, and can be paid up to 3 million won.
Then, at what farmland price, can I receive a farmland pension of up to 3 million won?
Farmland pension is available from the age of 60 or older, so if the price of farmland at the age of 60 is 450,000,000 won, I looked up the expected farmland pension.
<life imprisonment>
1,529,880 won for life (1,682,860 for low-income class / 1,606,370 for long-term farmers)
Front and rear thin type KRW 1,855,780 (before) / KRW 1,299,050 (after)
Occasional withdrawal type KRW 1,079,650 / Occasional withdrawal type KRW 110,000,000
<period type>
The fixed-term fixed-term fixed-term type is under the age of 60
In the management transfer type, if the farmland price is 450,000,000 won, you can receive a farmland pension of up to 3 million won.
60 years of age If farmland price is KRW 100,000,000
<life imprisonment>
339,970 won for life (373,960 for low-income class / 356,960 for long-term farmers)
Front and rear thin type KRW 412,390 (before) / KRW 288,670 (after)
Occasional withdrawal type KRW 239,92 / Occasional withdrawal type KRW 24,000,000
<period type>
The fixed-term fixed-term fixed-term type is under the age of 60
Management transfer type 5 years: KRW 1,784,400 / 10 years: KRW 954,780 / 15 years: KRW 680,040
In order to receive a farmland pension over the age of 60, it is possible to have land over 400 million won.
Advantages of Farmland Pension
– If the farmer receiving the farmland pension dies, if the spouse takes over, the farmland pension can be continued until the death of the spouse.
However, only if the spouse is over 60 years of age at the time of application and has chosen pension succession
– While receiving a pension, you can directly cultivate or rent collateral farmland, so you can get additional income other than pension.
– You can receive a stable pension because it is financed by the government budget and implemented directly by the government.
– When repaying pension debt, repay it by disposing of collateral farmland, and if there is any remaining amount, return it to the heir, and even if there is a shortage, no further claim
– Farmland worth less than 600 million won is fully exempted, and farmland worth more than 600 million won is exempted up to 600 million won.
-You can join the ‘Farmland Pension Keeper’s Account’ to protect your pension from the risk of foreclosure up to 1.85 million won per month
Grounds for Suspension of Farmland Pension Payment
– In case the farmland pension recipient dies and there is no spouse or non-succession subscription
– In the case where a farmland pension recipient dies and there is a spouse who has signed up for succession conditions, if the spouse refuses or fails to complete the registration of ownership transfer of collateral farmland and takeover of farmland pension liabilities within 6 months
– In case the farmland pension recipient loses ownership of the collateral farmland
– In the case where the farmland pension claim is expected to exceed the maximum amount of the mortgage, and the request for change of the maximum amount of the claim is not complied with
– In the case of establishing a restricted real right on the collateral farmland without the consent of the corporation
– In case the secured farmland can no longer be used as farmland due to diversion, etc.
– In case farmland is damaged or farmland is neglected without being used for farming (if it is not corrected within the deadline)