Nonghyup membership conditions and application method
Although it is a bank, Nonghyup is unfamiliar to me as I live in a city. Even in Seoul, Nonghyup Bank is easy to find, but I feel like you have to farm or raise livestock to open an account. Anyone can open an Nonghyup savings account at a branch, but in order to receive various benefits of Nonghyup, you must sign up as a union member.
Although there may be differences for each Nonghyup in the area of residence, I have summarized it by referring to the Nonghyup member registration guide listed in the Central Nonghyup. 농협조합원 가입조건
index 좋은뉴스
Nonghyup member
Union membership conditions
Member benefits
Union membership registration process
Subscription application documents
Member withdrawal method
Subject to expulsion of union members
Nonghyup member
Union membership conditions
Members of the association must fall under any of the following subparagraphs.
1. A farmer who has an address, residence or place of business in the association’s territory
2. Farming association corporations and agricultural corporation corporations pursuant to Articles 16 and 19 of the Act on Fostering and Supporting Agricultural and Fishery Entrepreneurs, which operate agriculture with their main offices in the association’s district;
3. A farmer who manages farmland with crops of 1,000㎡ or more, must engage in farming for 90 days or more out of 1 year, and the annual sales of agricultural products must be over 1.2 million won and horticultural crops must be grown in facilities with an area of 330㎡ or more.
However, as a member of two or more regional Agricultural Cooperatives, union members cannot join together. However, overlapping subscriptions are possible between Nonghyup of different units, such as horticultural Agricultural Cooperatives, regional Agricultural Cooperatives, and livestock farming cooperatives.
An ordinary person cannot operate a corporation and must become a farmer in Paragraph 1, but the scope of a farmer is stipulated as one of the following subparagraphs.
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Then, if you are a farmer, there will be no problem in signing up if you are a farmer.
Member benefits
I told you that there are various benefits when you join the agricultural union, but I’ve organized what kind of advantages there are to sign up.
1. Tax-free up to KRW 10 million in investment dividends, and dividends are paid at 3%, which is higher than the market rate of less than 2%.
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2. Dividend for business use
Dividends are distributed according to the net profit, and the dividend increases if there is a lot of use, such as purchasing goods from the Nonghyup.
3. Accumulation of business reserves
The reserve fund serves as a farmer’s severance pay, which returns the accumulated amount when a member leaves the union, and all the amount used by the Nonghyup is accumulated.
4. Support for education business expenses
There are benefits such as health checkup, congratulations and condolences, college tuition, various education, etc. There are differences for each regional cooperative, so contact the affiliated Nonghyup for information.
5. Discounts on purchasing agricultural materials
Discounts are available when purchasing agricultural materials such as pesticides, feed, and fertilizers necessary for agriculture, and agricultural machine rentals from agricultural cooperatives are also available.
In addition to this, members’ holidays, birthday gifts, agricultural machine repair costs, agricultural machine rental subsidies, retirement funds, farmers’ newspapers, etc. It varies from region to region, but if you become a member of countless Nonghyup members, you can receive essential support while doing farming, so joining as a member is essential Same.
Union membership registration process
If you are qualified as a Nonghyup member, the registration process is very simple. You can visit the Nonghyup nearest to your address, fill out the application form, attach the required documents, and submit it with the application.
Then, after the board of directors examines the qualifications for membership, the result of approval or refusal to join is individually notified by wire or mail. If the membership is approved, when the investment is paid, investment certificates are issued and membership is acquired.
When paying the investment, you must have the investment certificate, and if it is lost, you can have it reissued by visiting the head office or branch investment office with your seal and ID card.
Subscription application documents
The following documents are required when registering as a Nonghyup member:
1. In the case of self-cultivation, the Ministry of Agricultural Support, in the case of leased farming, the farmland lease contract
2. Confirmation of agricultural business registration
3. Copy of resident registration
4. For family members, please refer to the confirmation of health insurance eligibility.
5. Farming venue confirmation stamp
6. One ID photo, identification card, and seal are required.
All documents are accepted only for those issued within 3 months from the time of submission.
Member withdrawal method
Some of you may be curious about joining as a union member, but there are also those who have already been active as a union member and are thinking of leaving.
Depending on the type of withdrawal, the required documents are different when applying for withdrawal.
In the case of voluntarily withdrawing by notifying the person of his or her intention to withdraw, the application for withdrawal can be made with only the resident registration card, investment certificates, and seal.
In the case of natural withdrawal due to death, documents for voluntary withdrawal, certificate of family relationship based on the deceased, copy of register, certificate of legal heir’s seal and seal are required for inheritance of shares.
Subject to expulsion of union members
A member who has not used the association’s business for more than one year, a member who does not fulfill his/her obligations to the association, such as payment of investment and expenses, or a member who causes losses to the association or loses the credit of the association through gross negligence is subject to expulsion. please refer to this.
As for the timing of refund of the investment after withdrawal from the Nonghyup membership, the refund can be made from the fiscal year following the fiscal year at the time of withdrawal. Payment is possible from the day after the settlement approval date, and the claim for refund of payment will expire if not exercised for two years.