Two tips on how to apply for the calculation of the amount of farmland pension
Today, we are going to talk about who is eligible for farmland pension, how to calculate the amount received, and how to apply. The farmland pension is an old-age pension that allows you to spend your old age while receiving a monthly pension in your old age, just like the national pension.
It is a system in which farmland is entrusted to farmland bank as collateral and a certain amount is paid every month. If it exceeds a certain size, you can receive it quite a bit. 농지연금 수령액 계산
Representative screen of Farmland Bank 좋은뉴스
index
1. What is Farmland Pension?
2. Advantages of Farmland Pension
3. Conditions for Joining Farmland Pension
4. Calculation of farmland pension receipts
5. How to apply for Farmland Pension
What is Farmland Pension?
A system in which elderly farmers aged 60 years or older receive monthly pension payments to stabilize their retirement living by collateralizing their farmland
Securing farmland assets to expand and maintain the social stability network of rural society by supporting the elderly farmers who lack funds for retirement living
“Korea Rural Community Corporation and Farmland Management Fund Act” Article 10 (Business) and Article 24-5
(Projects to support farmers’ retirement life stabilization, etc. with farmland as collateral)
Advantages of Farmland Pension
married life payment
If the farmer who received the farmland pension dies, if the spouse takes over, the farmland pension can be continuously received until the death of the spouse.
*However, only if the spouse is over 60 years of age at the time of application and has selected pension succession
Possible farming or rental income
While receiving a pension, you can directly cultivate or rent collateral agricultural land, so you can earn additional income other than pension.
Securing stability through financial support
It is funded by the government budget and implemented directly by the government, so you can receive stable pension payments.
Pension debt shortfall unclaimed
In the case of pension debt, repay it by disposing of the collateral farmland, and if there is any remaining amount, return it to the heir.
No more billing even if it’s not enough
property tax relief
Farmland under 600 million won is fully exempted, and farmland over 600 million won is reduced up to 600 million won.
Farmland Pension Subscription Requirements
Subscription Age: As of the end of the application year, the farmland owner must be 60 years of age or older
(For 2022, must be born before December 31, 1962 / Age is calculated based on date of birth on resident registration)
Farming Experience: The applicant must have more than 5 years of farming experience.
– Must have farming experience of at least 5 years from the date of application for farmland pension
– Farming experience does not have to be continuous right before the application date, and it is sufficient to have more than 5 years in total during the entire farming period.
Target farmland:
– In the case of secured farmland, all of the following requirements must be met on the farmland pension application date.
① Among the farmland under the Farmland Act, the designation for government purposes is a field, a paddy field, or an orchard, and is owned by the subject of the project
Farmland actually used for farming
② Farmland owned by the project target for more than 2 years (inherited farmland includes the holding period of the ancestor)
③ The address of the person subject to the project (based on the address on resident registration) within the city, county, district where the collateral farmland is located and the city, county, or district adjacent to it
Farmland located in an area within 30 km of the straight-line distance between the address and the mortgaged farmland
– 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 is as follows, please refer to the photo.
Farmland excluding farmland pension
Farmland excluding farmland pension
Farmland Pension Receipt Calculation
The calculation of the amount of receipt can be done on the “Farmland Pension Official Website” without a separate sign-up procedure.
*Go to the official farmland pension website (click)
Farmland Pension Official Website Main Page > > Click Farmland Pension
Farmland Pension Official Website Main Page > > Click Farmland Pension
Click on Expected Pension Inquiry
Click on Expected Pension Inquiry
Enter expected farmland pension information
Enter expected farmland pension information
There is no difficult part in entering the expected farmland pension information, so if you check the result after entering it, you can calculate the expected farmland pension receipt amount.
Example> If you entrust farmland worth about 500 million won to a farmland bank as collateral, you will be able to receive a monthly pension of about 1.7 million won.
How to apply for Farmland Pension
① Enter consultation information (fill out the application form)
After verifying your identity or logging in on the Farmland Pension official website, you can fill out the Farmland Pension application form.
Apply for Farmland Pension
Apply for Farmland Pension
② Telephone consultation
A counselor from the Gwanghal Branch of the Corporation will call you to discuss the farmland pension and guide you through the required documents.
③ Receipt of documents (visit/mail)
The application will be processed by submitting the guided documents in person or by mail to the branch office in charge.
④ Review and approval
It is approved after the examination of the construction, and the progress can be checked through My Page of the “Farmland Pension Official Website”.
my page
my page
⑤ Branch office visit / contract signing
If the farmland pension you have applied for is approved, you will visit the branch office, fill out the contract-related documents, and sign the contract.
Two tips for applying for farmland pension
When to apply for Farmland Pension
Build farming experience from the age of 55 and apply for a pension after about 5 years to use it as an old-age pension
Purchase farmland through auction and apply for farmland pension
In the case of farmland, even if it comes out at auction, there are many cases where it can be purchased at a lower price than the officially announced price because it is often unsuccessful.
If you prepare for your old age by buying it cheaper than the official land price, it can be said that it is a pretty good retirement preparation.
However, in the case of an auction, it is necessary to carefully check whether there are any other problems such as land ownership, site visits, and a certified copy of the land register.
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