Apply for farmland pension (receipt amount 3 million won per month)
Farmland Pension Overview
Types of Farmland Pension
Farmland Pension Subscription Conditions
Enrollment age
farming experience
target farmland
Farmland Pension Receipt Calculation
How to apply for Farmland Pension
Farmland Pension Disadvantages and Advantages
Disadvantages of Farmland Pension
Advantages of Farmland Pension
There are changes to the terms and conditions for joining the farmland pension. Those eligible for subscription can apply from the age of 60 and receive a maximum of 3 million won per month.
Starting in 2022, the conditions for membership were eased, and the original subscription target was 65 years old, but it was reorganized to 60 years old, and various pension products are prepared to give preferential treatment to business transfers and low-income farmers and farmers. 농지연금 수령액 계산
Today, let’s find out the conditions for joining the farmland pension, what types of farmland pension there are, and how much farmland pension I will receive. Let’s tap the calculator. 좋은뉴스
farmland tractor
order
Farmland Pension Overview
type
joining condition
non-registered farmland
Receipt Calculator
How to apply
Advantages and Disadvantages
Farmland Pension Overview
Farmland Pension (Farmers Pension) is a system that allows you to receive old-age funds by collateralizing farmland you own.
Based on the assessed value of the farmland (land) owned by the farmer himself, he can receive farmland pensions of up to 3 million won per month until he dies.
You can use the amount received as a farmland pension as a retirement fund, and it is a system that can relieve the burden on your children. In addition, you can receive welfare benefits for farmers so that you can afford to give pocket money to your grandchildren.
Types of Farmland Pension
Kind Description
A fixed amount is paid every month until the death of a fixed-rate life pension subscriber (spouse)
For the first 10 years of enrollment, a larger amount is received than for the flat-rate type, and a smaller amount is received after the 11th year of enrollment.
Occasional withdrawal type Pension can be withdrawn at any time as needed within 30% of the total payable pension amount
Fixed-term fixed-rate subscribers set a period of receipt and pay a certain amount of pension every month
farmer
Farmland Pension Subscription Conditions
There are three conditions required to join the farmland pension: age of 60 or older, experience of 5 years or more, and farmland owner.
Enrollment age
As of the end of the year of application for farmland pension, the applicant is 60 years old or older
Applicants and their spouses can apply even if they own farmland under joint names (provided that they are over 60 years of age)
farming experience
At least 5 years of farming experience of the applicant
It is based on the date of application for farmland pension, and even if it is not 5 years of continuous experience, you can apply if the total period of past farming experience is 5 years.
target farmland
The farmland of the farmland pension applicant must be actually being used for farming. (Land use: fields, fields, orchards)
※ It is applicable to farmland, not an object of setting and restricting the right to mortgage, and it must not be an object of provisional seizure/temporary disposition.
Farmland not eligible for farmland pension
In the case of farmland with illegal structures installed
In the case of farmland with co-owners other than yourself and your spouse
In the case of farmland in an area where a notice of implementation of designation of a development plan has been issued
In the case of farmland acquired through public auction (after 2018)
(However, if the holding period of the applicant is more than 2 years + the address on the resident registration is located within 30 km of the farmland, it is possible to apply)
orchard
Farmland Pension Receipt Calculation
The calculation of the farmland pension receipt depends on the age of the applicant, depending on the assessed value of the farmland secured. The higher the value of the mortgaged farmland or the older it is, the higher the pension payment will be.
Generally, the appraised amount is set at around 90% of the official public land price or the individual official land price of the farmland collateral. The upper limit of the amount received is KRW 3 million/month. It will be important to try simulation calculations and estimates together, and to check the publicly announced land price and evaluation amount.
You can use the Farmland Pension Receipt Calculator by entering simple information.
▶ Calculate farmland pension receipts (click)
How to apply for Farmland Pension
You can apply for Farmland Pension on the Farmland Bank Farmland Pension official website.
▶ Go to the farmland pension application website (click)
Farmland Pension Disadvantages and Advantages
Before applying for a farmland pension, I recommend that you carefully examine the pros and cons before applying.
Disadvantages of Farmland Pension
It is difficult to easily meet the conditions for subscribing to farmland pension.
In case of selling the collateral farmland, all farmland pensions paid must be repaid.
If farmland is re-purchased after early termination or expiration of farmland pension, additional charges may be incurred for interest.
Since farmland appraisal is likely to be below market value, pension benefits may be less than expected.
Inheritance is not permitted to children or heirs.
The farmland pension interest calculation is compound interest, and if the pension is received in a lump sum, interest may be higher than the principal due to interest rate fluctuations.
※ Annuity cancellation: Contract can be canceled at any time after debt repayment (total monthly payment + fixed interest rate 2.0% or variable interest rate + risk burden 0.5%)
* Execute a voluntary auction of collateral farmland in case of non-payment of debt → Recover pension bonds with the amount of collateral farmland disposal and repay the remaining amount to subscribers (or heirs)
Advantages of Farmland Pension
Because it is a government welfare system, you can receive a stable pension.
In the event of the death of a beneficiary of farmland pension, the right can be succeeded to the spouse. (However, the age of the spouse must be at least 60 years old.)
If the assessed value of farmland is less than 600 million won, the land property tax is fully exempted. (If it exceeds 600 million won, deduct up to 600 million won)
While receiving farmland pension, you can grow and farm crops yourself, and you can rent farmland.
rice farming
Today, we had time to learn about the farmland pension policy guaranteed by the government so that the elderly can plan a stable and prosperous retirement life.
Farmland Pension, where you can receive living expenses like a pension by using your farmland as collateral. If you meet the conditions, why not apply for it?
I think it will relieve the burden of having to support their parents for their children, and they will be able to afford to give pocket money to their grandchildren.
This article was written with the help of the advertisements that appeared in the middle of this article. I hope you have a warm and prosperous home.
If you know it together, I will finish by introducing an article that will be more enriching.
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