<Farmland Pension> Subscription conditions, benefit calculation, website application method
How to apply for Farmland Pension Homepage 농지연금 가입조건
Farmland Pension Calculation Subscription Conditions 좋은뉴스
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What is farmland pension (?)
Designing the aging of elderly farmers
A new pension system has emerged.
The Farmland Pension, which makes you happy just by hearing the word, refers to a system in which elderly farmers aged 60 or older receive farmland owned as collateral to receive monthly pension payments for stabilization of their old age life. It was established to expand and maintain the social safety net in rural communities.
We will explain the information about the farmland pension most accurately.
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Farmland Pension Subscription Conditions (?)
The conditions for subscribing to farmland pension are basically
There are a total of three conditions: subscription age, farming experience, and target farmland.
1. Age of subscription: As of the end of the year of application, the farmland owner must be over 60 years old (in case of 2022, a person born before December 31, 1962)
– Age refers to age under the Civil Act
Calculated and applied based on date of birth on resident registration
2. Farming Experience: The applicant must have at least 5 years of farming experience.
– From the date of application for farmland pension
Must have farming experience for the past 5 years or more
– Farming experience does not have to be consecutive prior to the date of application.
5 years or more in total during the entire farming period
3. Target farmland: Collateral farmland as of the date of application for farmland pension
All of the following requirements must be met. ①Among farmland under the Agricultural Land Act, farmland that is owned by the subject of the project and is actually used for farming as land, paddy field, orchard designated for government purposes
② Farmland owned by the project recipient for more than 2 years
* Inherited farmland includes the holding period of the heir ③ The address of the person subject to the project (based on the address based on resident registration) is placed in the city, county, or district where the collateral farmland is located or the city, county, or district adjacent to it, or the address and collateral Farmland located in an area within 30 km of straight line distance to farmland
*Requirements ② and ③ apply after January 1, 2020
Applied from newly acquired farmland – Farmland for which no restricted real rights such as mortgages have been established) However, farmland with the maximum senior bond amount less than 15/100 of the price of the collateral farmland can be enrolled)
– Farmland that is not subject to seizure, provisional seizure, provisional disposition, etc.
*Excluded farmland
Land where illegal buildings are installed
· Farmland jointly owned by a person other than the person and their spouse
Excluded farmland as specified in the Farmland Pension Work Handling Guidelines, such as farmland in areas where development plans and development plans are designated, implemented, and announced, and development plans are finalized
Farmland acquired through auctions and public auctions (including sales and gifts after auctions and public auctions) after January 1, 2018
(However, as of the date of application for farmland pension, the applicant’s holding period of secured farmland is more than 2 years and the applicant resides (based on address on resident registration) within ’30km in a straight line to the city/gun-gu where the secured farmland is located and the city/gun-gu adjacent thereto or the secured farmland’ can be collateralized)
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Advantages of Farmland Pension (?)
There are six main advantages of farmland pension.
① Married couple, lifetime payment
If the farmer who received the farmland pension dies, and the spouse takes over, the farmland pension can continue to be received until the death of the spouse.
(However, if the spouse is over 60 years of age at the time of application,
Only when pension succession is selected)
② Possible farming or rental income
While receiving a pension, you can directly cultivate or rent the collateral farmland, so you can earn additional income other than the pension.
③ Securing stability through financial support
Funded from the government budget and implemented directly by the government
As a result, you can receive a stable pension payment.
④ Unclaimed pension debt shortfall
When the pension debt is repaid, the remaining amount is returned to the heir after repayment through the disposal of the collateral farmland, and no further claims are made even if there is a shortage.
⑤ Property tax reduction
Farmland worth 600 million won or less is fully exempted.
Farmland exceeding 600 million won will be exempted up to 600 million won.
⑥ Protection of pension from the risk of foreclosure
Up to 1.85 million won per month by subscribing to the ‘Farmland Pension Protection Bankbook’
You can protect your pension from the risk of foreclosure.
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Farmland pension payment method (?)
There are life-term and term-term types of farmland pension. A life sentence is an annuity until death, and a term sentence is an annuity for a set period of time.
Lifetime fixed-rate: until the death of the subscriber (spouse)
Before and after type that pays a certain amount every month: For the first 10 years of subscription, it is more
The type that receives less from the 11th year
Occasional withdrawal type: within 30% of the total payable amount
Types of money that can be withdrawn at any time
fixed-term fixed-term: for a certain period of time selected by the subscriber
A type that receives a fixed amount every month
Transfer of management: At the end of the payment period, the corporation owns the ownership
Types of higher pensions subject to relocation
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How to apply for farmland pension (?)
The application for farmland pension for elderly farmers who lack funds for retirement living by liquidating farmland assets is easily possible through the website.
① Entering consultation information (filling out an application form) ② Telephone consultation ③ Receiving documents (visit/mail) ④ Review and approval ⑤ Company visit/signing of contract
Please apply through the integrated farmland bank portal site.
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If you need additional consultation, please contact us at 1577-7770 or leave a comment below and we will respond quickly.
Thanks for reading. _
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