SEOUL, Feb. 6 (Yonhap) -- More farmers have subscribed to a pension designed exclusively for those working in the agricultural sector, with the sum of pension payments made reaching a record high last year, the government said Tuesday.
The tally from the Ministry of Agriculture, Food and Rural Affairs showed 1,848 subscriptions to the farmers pension system last year, a sharp 17.2 percent rise from the previous year. This is the highest number since the system was introduced in 2011.
Total pension payments last year rose 29 percent to 67.3 billion won (US$61.75 million).
The pension allows farmers to use their plot as collateral to receive monthly payments from the Korea Rural Community Corp. Pension recipients can continue to farm the land or lease it and keep the profit. Pension money can be inherited by spouses and children.
People aged 65 or older who have been in the farming business for over five years are eligible to apply.
The arrangement aims to improve the livelihood of aging farmers, a deepening problem as a younger population abandons rural neighborhoods for city life.
Ministry officials said their target is to get 50,000 subscribers by 2025.
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