Farmland Pension Subscription Conditions and Estimated Receipt Calculation (Revised in January 2022)
• What is the Farmland Pension Scheme?
• Advantages of Farmland Pension
• 1. Married couple. Life payment
• 2. Possible farming or rental income
• 3. Securing stability with government financial support
• 4. Unclaimed pension debt shortfall
• 5. Property tax relief
• Farmland Pension Subscription Conditions
• 1. Enrollment Age
• 2. Farming experience
• 3. Target farmland (revised on November 1, 2019)
• Farmland pension payment method
• Farmland pension applied interest rate
• Estimated farmland pension payment
• Farmland pension subscription method and procedure
Do you know the farmland pension? I think it is safe to say that we have practically reached the age of 100 due to the development of medical technology and the improvement of the quality of life. 농지연금 수령액 계산
However, as the 100-year-old era has arrived, the government is implementing various welfare services and support policies for the common people who are not sufficiently prepared for retirement after retirement, and one of them is the farmland pension system. 좋은뉴스
So today, I’m going to take the time to learn about the farmland pension system. As for the farmland pension system, as of November 1, 2019, the conditions for target farmland to apply for farmland pension have been strengthened, so please refer to the conditions of target farmland carefully.
[Additional Content] Check out the January 2022 revision first.
3 things that will change in Farmland Pension in 2022 (subscription age, application qualifications, etc.)
Today, we will inform you about the changes in 2022 related to the conditions for joining the farmland pension and the expected amount of payment. Due to the development of medical technology and the improvement of quality of life that emphasizes the liver, the age of 100 years is practically
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What is the Farmland Pension System?
Farmland Pension is a monthly pension payment of old-age life stabilization funds to those who own farmland but lack income among those who do not receive sufficient pension benefits because the subscription period of the national pension or general private pension system is not long. It is a system that
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 be continuously received until the death of the spouse. (However, this is applicable if the spouse at the time of application is also over 60 years of age and has chosen pension succession.)
2. Possible farming or rental income
While receiving a pension, you can directly cultivate or rent mortgaged farmland, so you can earn additional income other than your pension.
3. Securing stability with state financial support
It is funded by the government budget and implemented directly by the government, so you can receive pension payments stably.
4. Unclaimed pension debt shortfall
When the pension debt is repaid, it is repaid through the disposal of collateral farmland, and if there is any remaining amount, it is returned to the heir.
5. Property tax relief
Farmland under 600 million won is fully exempted, and farmland over 600 million won is exempted up to 600 million won.
Farmland Pension Subscription Conditions
1. Subscription age
As of the end of the application year, the farmland owner must be at least 65 years of age. For example, for 2020, you must be born before December 31, 1955.
2. Farming experience
The applicant must have more than 5 years of farming experience.
– As of the date of application for farmland pension, you must have at least 5 years of farming experience in the past.
– Farming experience does not have to be continuous right before the application date, and the total farming period must be more than 5 years in total.
3. Target farmland (revised on November 1, 2019)
– As of the farmland pension application date, the collateral farmland must meet all of the following requirements.
(1) Among the farmland under the Agricultural Land Act, farmland that is owned by the project target and is actually used for farming as land, paddy field, orchard in the official designation
(2) Farmland held by the project target for more than 2 years (including the period of holding by the inheritor in the case of inherited farmland)
(3) Farmland where the address on resident registration of the subject of the project is located within the city, county, gu where the collateral farmland is located or within a city, county, gu adjacent thereto, or located in an area within 30 km of the address and the collateralized farmland in a straight line
– Farmland for which no restricted real rights such as mortgages are established (however, farmland with the maximum value of senior bonds less than 15% of the price of collateral farmland is eligible for subscription)
– Farmland that is not subject to seizure, provisional seizure, provisional disposition, etc.
– Farmland that does not fall under the following excluded farmland
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.
The payment method is further subdivided into a fixed-rate life type in which a certain amount is paid every month until the subscriber dies, as well as a lump-sum withdrawal type in which the required amount can be withdrawn at any time within 30% of the total payable amount.
In addition, there is a periodic fixed-rate type in which a certain amount is paid every month for a certain period selected by the subscriber. There is also a fixed-rate type in which more is paid than the fixed-rate type for the first 10 years of subscription and less from the 11th year. At the end of the payment period, the corporation takes ownership There is also a management transfer method in which a higher pension is received on the premise of relocation, so please refer to it.
For each payment method, the age at which you can subscribe is set. For life imprisonment and management transfer, you must be 65 years of age or older, for fixed-term fixed-term (5 years), over 78 years old, and for fixed-term fixed-term (10 years), 73 years of age. Age or older, fixed-term fixed-term (15 years) subscription is possible only if you are 68 years of age or older.
Farmland pension applied interest rate
As for the applied interest rate, the applicant can choose between a fixed rate of 2% or a variable rate when applying for subscription.
Farmland Pension Estimated Payment Amount
The farmland pension homepage also provides a farmland pension calculator that allows you to calculate the expected amount of farmland pension.
Enter the farmland owner as 66 years old and the spouse as 65 years old, select succession as succession status, farmland evaluation as public price, enter farmland price as 200 million won, and press the result confirmation button.
As a result of the calculation of the expected amount of farmland pension, if you apply for the lifetime flat-rate pension, you can receive 767,440 won per month. You can receive it.
If you choose the lump sum withdrawal type, you can withdraw the necessary amount at any time within the limit of 52 million won while receiving monthly payments of 540,490 won.
Among the term types, management transfer type can receive KRW 3 million for 5 years, KRW 1,909,560 for 10 years, and KRW 1,360,090 for 15 years.
Farmland pension subscription method and procedure
If you fall under the conditions for joining the Farmland Pension, apply for the application at the farmland bank/farmland pension portal (Internet) below, and an employee of the company will contact you to proceed with the farmland pension subscription process.
To apply for farmland pension, you must submit the farmland pension application form and required documents by mail or by visiting the branch office in person.
If you want to evaluate the farmland price as an appraised value rather than a public price, you must additionally submit an appraisal consent form.
If approved after going through the examination of the corporation, check through My Page on the homepage and visit the branch office in charge to fill out the contract-related documents and sign the contract.