2023 Farmland Pension Subscription Conditions Qualification
There are three-tiered security systems such as the National Pension, Retirement Pension, and Personal Pension to secure funds for retirement after retirement. However, all of these systems have the disadvantage that the pension benefits are small or there is a possibility of principal loss in the event of premature termination. Therefore, it is necessary to find another way to receive steady payments every month, even if it is a small amount.
An alternative that can be used in this case is the farmland pension. A farmland pension is a system in which farmland owned by farmers is provided as collateral and a certain amount is paid every month like a pension. It is operated by the Korea Rural Community Corporation, and anyone over the age of 65 can join. If so, let’s find out how to apply for a farmland pension, how to calculate the expected benefit amount, and precautions at once. 농지연금 가입조건
index
farmland pension
Enrollment conditions Qualification 좋은뉴스
interest rate
How to apply
document
disadvantage
concluding (conclusion)
farmland pension
The farmland pension refers to a system in which a farmer aged 60 or older with at least 5 years of farming experience receives monthly pensions with farmland owned as collateral. The purpose of the Farmland Pension is to support the stability of life in old age by receiving more stable old-age life stabilization funds in the form of monthly pensions with farmland owned by elderly farmers as collateral.
Enrollment conditions Qualification
Until 2021, farmers over the age of 65 were required to qualify, but from 2022, the age requirement was significantly eased to farmers over the age of 60. If so, the conditions for subscribing to farmland pension in more detail are as follows.
age
As of the end of the year of application for farmland pension subscription, the farmland owner must be at least 60 years old
Farming Career Requirements
Must have more than 5 years of farming experience (based on the date of the sum, to prevent speculation)
If you have income other than agriculture, the income must be less than KRW 37 million per year
target farmland
Under the Agricultural Land Act, farmland that is owned by the project target and is being used for farming as a field, paddy field, orchard for the purpose of designation among farmland
Farmland owned by the project target for more than 2 years (inherited farmland, including the period of holding by the ancestor)
Restrictive real rights such as mortgages are not established, and there are no provisional seizures or provisional dispositions.
The farmland must be located within the city, county, or gu where the secured farmland is located and the city, county, or district adjacent thereto, or the straight-line distance between the address and the secured farmland is within 30 km.
However, the farms excluded from the target are as follows.
land with illegal construction
Farmland jointly owned by the person and his/her spouse
Farmland acquired through auction, public sale, etc. after January 1, 2018 (However, as of the date of application for farmland pension, if the applicant’s farmland holding period is more than 2 years and the address on resident registration is located within 30 km, collateral is available)
Excluded farmland as specified in the Farmland Pension Work Handling Guidelines, such as farmland in areas where development areas and development plans have been designated and implemented and announced
interest rate
The farmland pension interest rate is a fixed rate of 2% per annum.
How to apply
Application for farmland pension can be made on the Farmland Bank (Farmland Pension) website. Access to the Farmland Pension website, fill out the Farmland Pension application form, receive phone counseling, receive guided documents, go through screening and approval procedures, receive final approval, visit the branch office, and sign a contract to complete the Farmland Pension subscription.
However, in order to join the Farmland Pension, membership registration and login are required, so membership registration is required before joining the Farmland Pension.
document
The documents to be submitted after filling out the Farmland Pension application on the Farmland Bank website are different when applying, when requesting appraisal, and when signing an agreement, and the documents required for each step are as follows.
Documents required for application
1 copy of each ID card (including spouse)
Certified copy of registration: limited to farmland subject to collateral (one copy for each lot)
Comprehensive real estate certificate: limited to farmland subject to collateral (one copy for each lot)
Agricultural Support Department or Agricultural Business Registration Confirmation
Documents required for appraisal request
Appraisal request, etc. Consent form 1 copy (including handwritten signature)
1 copy of appraisal fee payment request (including handwritten signature)
Documents required for contract signing
Family Relations Certificate 1 copy
1 copy of resident registration (including address change)
1 copy of certificate of seal impression (for setting mortgage right) and personal seal
1 copy of bankbook (in the name of the pension recipient)
Registration right card (if you do not have a registration right card, bring your ID card), prepare a document confirming the loss of the registration right card (2 copies (attach a copy of your identification card))
disadvantage
Even if it is a farmland pension, it does not have only advantages. In the case of the disadvantage of the farmland pension, the biggest point is that it is difficult to get the land price properly. If you apply for farmland pension in the above order, the higher price will be set between publicly announced land price and appraisal.
At this time, the actual transaction price is usually set at around 70%. It can be seen that this part starts with a loss.
concluding (conclusion)
So far, we have looked at the conditions for joining the 2023 Farmland Pension and how to apply for joining. For all inquiries related to farmland pension, please contact the Farmland Pension Customer Center (☎1577-7770) between 9:00 am and 6:00 pm.