[Farmland Pension] Subscription Conditions Calculation of Receipt
There are several pensions to prepare for old age. Among them, those who have farmland and are farming can apply for farmland pension. Farmland Pension, also called Farmers Pension, is a system that allows you to receive monthly pensions with farmland as collateral. We will guide you in detail below on how to apply, including conditions for joining farmland pension and calculating the amount of receipt. 농지연금 가입조건
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Farmland Pension?
Farmland Pension Subscription Conditions
Calculation of farmland pension receipt
Advantages of Farmland Pension
How to apply for Farmland Pension
Farmland Pension Consultation Center
Farmland Pension?
“A system in which elderly farmers aged 60 or older receive monthly pension payments for stabilization funds for retirement by collateralizing their farmland.”
By liquidating farmland assets, we help to expand and maintain the social stability network of rural communities by providing support for elderly farmers who lack funds for retirement living.
Farmland Pension Subscription Conditions
✅️ Must be at least 60 years of age as of the end of the year of application
✅️ More than 5 years of farming experience
✅️ Farmland designation must be farmland that is actually used for farming and is owned as an orchard.
✅️ Business recipients must own farmland for at least 2 years
✅️ Farmland must be located in an area within 30 km of the address and the collateral farmland
✅️ It must be farmland, not an object such as mortgage, restricted real estate, foreclosure, pressurization, provisional disposition, etc.
* Farming experience does not have to be consecutive, but it can be more than 5 years in total during the entire farming period.
The conditions for subscribing to the farmland pension are as follows. Basically, the farmland owner must be 60 years of age or older and have at least 5 years of farming experience. In addition, the excluded farmland is as follows.
Calculation of farmland pension receipt
Many people will be interested in how much the farmland pension will be received. You can simulate the farmland pension receipt amount on the farmland pension website.
▷ Shortcut to Calculation of Farmland Pension Receipt
If you enter the owner’s and spouse’s date of birth and farmland price, you can view the expected pension by type of pension, and if the owner is over 60 years of age, you can check the expected pension, so please refer to it. Here, the farmland price evaluation method can be selected by subscribers from either 100% of the individually publicly announced land price according to the 『Real Estate Price Disclosure Act』 or 90% of the appraised price according to the 『Act on Appraisal and Appraisers』.
Advantages of Farmland Pension
✅️ Married couple, lifetime payment
If the farmer dies, if the spouse succeeds, farmland pension can be paid continuously until the death of the spouse
✅️ Possible farming or rental income
Additional income is possible by directly cultivating or renting collateral farmland while receiving a pension
✅️ Pension debt shortfall unclaimed
When the pension debt is repaid, it is repaid by disposing of the collateral farmland, and if there is any remaining amount, it is returned to the heir, and if there is a shortage, no further claim is made.
✅️ Property tax relief
Full exemption for farmland worth less than 600 million won, reduction of up to 600 million won for farmland exceeding 600 million won
✅️ Pension protection from foreclosure risk
Protect from the risk of foreclosure by subscribing to the Farmland Pension Guard account
How to apply for Farmland Pension
You can apply for farmland pension after logging in at the farmland pension website https://www.fbo.or.kr/.
▷ Shortcut to Apply for Farmland Pension
There are two types of farmland pension: life-type and term-type, where the life-type is to receive pension until death, and the term-type is to receive annuity for a set period.
✔ Fixed term for life
A type that pays a certain amount every month until the death of the subscriber (spouse)
✔ Back and front thin
For the first 10 years of subscription, more than the flat rate type, and less from the 11th year
✔ Frequent withdrawal type
A type that can withdraw the required amount at any time within 30% of the total payable amount
✔ fixed-term fixed-term (5 years/10 years/15 years)
A type in which a certain amount is paid every month for a certain period of time selected by the subscriber
✔ Management Transfer
At the end of the payment period, a type of receiving more pension on the premise of transferring ownership to the corporation
In addition, as for the applicable interest rate, the applicant can choose a fixed rate or a variable rate, so please refer to it.
Farmland Pension Consultation Center
Farmland Pension Consultation 1577-7770