Farmland Pension Receipts. joining condition. Farmland pension payment method . It is a system that can secure a stable pension through farmland as a method of investing in various real estate lands that can be made with a relatively low investment amount, and earn additional profits by direct farming or rental.
This post is about farmland pension receipts. Subscription conditions. Let’s look at the farmland pension payment method.
What is Farmland Pension?
The Farmland Pension is a system implemented by the Farmland Bank of Korea Rural Community Corporation as a system in which farmland owned by elderly farmers who have no other income other than agricultural income is provided as collateral and paid in the form of monthly pension. 농지연금 가입조건
Go to “Permission for Farmland Conversion” ▶
Farmland Pension Subscription Conditions – Application Qualifications 좋은뉴스
Applicant is 60 years of age or older
A farmer with more than 5 years of farming experience.
Conditions for Farmers (Agricultural Land Act)
① A person who cultivates or cultivates crops or perennial plants on farmland of 1,000m2 or more, or who engages in agriculture for more than 90 days a year
② A person who cultivates or cultivates crops or perennial plants by installing facilities necessary for agricultural production, such as a fixed greenhouse of 330m2 or more, a mushroom cultivation house, and a plastic greenhouse on farmland
③ A person who raises 2 large livestock, 10 medium livestock, 100 small livestock, 1,000 poultry or more than 10 honey bees, or engages in livestock farming for more than 120 days a year
④ A person whose annual sales of agricultural products are more than 1.2 million won through agricultural management
Criteria for calculating the price of collateral farmland
Evaluated at 100% of the individually announced land price
Appraised at 90% of the appraisal amount
Conditions of Target Farmland
Among farmland under the Agricultural Land Act, the land owned by the person subject to the farmland, paddy field, orchard project that has been designated for government purposes and is actually used for farming
Farmland owned by the person subject to the project for more than 2 years
(In case of inheritance, including the holding period of the heir)
Farmland where the address of the business subject is located within the city, county, or district where the collateral farmland is located, or within a city, county, or gu adjacent thereto, or the direct distance between the address and the collateralized farmland is within 30 km
Farmland for which no restricted real rights such as mortgages have been established
(Subscription is possible if the maximum bond amount set on the secured farmland is less than 15% of the price of the secured farmland)
Farmland that is not subject to seizure, provisional seizure, provisional disposition, etc.
farmland excluded
Land on which illegal structures are installed
Farmland jointly owned by a person other than yourself and your spouse
Farmland in areas where development plans have been finalized as development areas and development plans have been designated, enforced, and announced.
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’ collateral available
Farmland pension payment method
Maximum amount of farmland pension monthly payment: up to 3 million won per month for each applicant
life sentence
Fixed-term life type: A type in which a certain amount is paid every month until the subscriber’s (spouse’s) death
Back-to-back type: In the first 10 years of subscription, more than fixed-rate type, less from the 11th year
Instant withdrawal type: A type in which the required amount can be withdrawn at any time within 30% of the total payable amount
term type
Fixed-term payment type: A type in which a certain amount is paid every month for a certain period of time selected by the subscriber
Management transfer type: At the end of the payment period, a type of receiving more pension on the premise of transferring ownership to the corporation
Eligible age for subscribing by payment method
Payment method Life imprisonment/transfer of management fixed-term fixed-term (5 years) fixed-term fixed-term (10 years) fixed-term fixed-term (15 years)
65 years of age or older 78 years of age or older 73 years of age or older 68 years of age or older
Farmland Pension Receipt Calculation Method
The method of calculating the farmland pension receipt can be checked through the farmland bank portal site.
After accessing the farmland bank portal, enter your personal information and farmland price in the “Enter expected farmland pension information” section at the bottom to inquire.
Please check the results by directly checking the website below.
Go to Farmland Bank ▶Click
More than the farmland pension receipt amount. Subscription conditions. Learn more about the farmland pension payment method.
Please check the post below for additional information.