Farmland Pension Subscription Conditions and Receipt Calculation
Today, we will look at the conditions for signing up for farmland pension and how to calculate the amount received. A farmland pension system is being implemented to prepare elderly farmers in rural areas for their retirement. Now, let’s learn more about farmland pension. 농지연금 수령액 계산
<Contents>
1. What is Farmland Pension?
2. Subscription conditions and payment method
3. Calculation of expected receipts
4. Registration procedure and documents to be submitted
※ Good article to look at together
Housing pension subscription conditions, benefit calculation 좋은뉴스
Today, we will look at the conditions for signing up for a housing annuity, the amount received, and the advantages and disadvantages. It is said that the average asset of Koreans in their 50s is about 600 million won. Of these, 70-80% of assets are real estate, that is, one house. silver
twojobschool.co.kr
1. What is Farmland Pension?
The Farmland Pension is a system in which elderly farmers aged 65 or older receive monthly pension payments as a pension to stabilize their old-age life using their farmland as collateral. By liquidating farmland assets, we aim to support the stable life of elderly farmers who lack funds for retirement and to expand the social stability network in rural communities.
The advantages of farmland pension are as follows.
Farmland Pension-Advantages
Advantages of Farmland Pension
2. Subscription conditions and payment method
The conditions for subscribing to farmland pension are as follows.
1. As of the age of subscription and the end of the year of application, the farmland owner is 65 years of age or older
Age refers to the civil law age and is calculated and applied based on the date of birth in the resident registration.
2. Farming experience · The applicant must have at least 5 years of farming experience.
From the date of application for Farmland Pension, at least 5 years of farming experience must be met.
Farming experience does not have to be continuous right before the date of application, and it must be more than 5 years in total during the entire farming period.
3. Target farmland
– Secured farmland must satisfy all of the following requirements as of the farmland pension application date.
Among the farmland under the Farmland Act, farmland that is owned by the project target and is actually used for farming as land, paddy field, orchard designated for government purposes
Farmland owned by the project recipient for more than 2 years
Inherited farmland includes the holding period of the inheritee
The address of the business subject (based on the address in resident registration) is located in the city, county, or district where the mortgaged farmland is located and the city, county, or district adjacent to it, or located in an area within 30 km of the address and the mortgaged farmland in a straight line farmland
Requirements in 2 and 3 apply from newly acquired farmland after January 1, 2020
– Farmland for which restricted real rights such as mortgages have not been established
However, farmland where the maximum amount of senior bonds is less than 15/100 of the price of collateral farmland is eligible for subscription.
– Farmland that is not subject to seizure, provisional seizure, provisional disposition, etc.
– Excluded Farmland
Land on which illegal structures are installed
Farmland jointly owned by a person other than yourself and your spouse
Excluded farmland as defined in the Farmland Pension Work Handling Guidelines, such as farmland in areas where development plans and development plans are designated, implemented, and announced, and development plans are finalized
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’ can be collateralized)
Subscribers can choose between 100% of the individually publicly announced land price or 90% of the appraisal price as the method of evaluating the price of collateral farmland.
※ Payment method
There are two types of farmland pension payment: life-term and term-type. The subscription age varies slightly depending on the payment method.
Farmland pension – payment method
Farmland pension payment method
3. Calculation of expected receipts
The expected amount of a farmland pension depends on the age of the landowner and the assessed value of the farmland. The expected farmland pension can be calculated on the Farmland Bank/Farmland Pension website.
Farmland Bank Integrated Portal
Farmland Bank Integrated Portal
www.fbo.or.kr
Estimate-Farmland Pension-Confirm
Confirmation of expected farmland pension
4. Registration procedure and documents to be submitted
For Farmland Pension, if you log in on the Farmland Bank/Farmland Pension website above and enter consultation information, a counselor from the branch office in charge of the corporation will give you consultation over the phone. After document screening and approval, you can visit the branch office to sign the contract.
Farmland pension-application-procedure
Farmland Pension Application Procedure
The documents to be submitted when applying for farmland pension are as follows.
Farmland Pension – Documents to be submitted