South Korea plans to expand financial support for young farmers
Date
11/13/2024 7:50:00 AM
(MENAFN) South Korea's agriculture ministry announced plans to expand financial support for young farmers as part of a broader initiative aimed at encouraging younger generations to settle in rural areas. The program, which was launched in 2018, provides up to 1.1 million won (approximately 780 U.S. dollars) per month to farmers for up to three years. The goal is to ease the transition for young and beginner farmers, many of whom face challenges during the initial stages of their agricultural careers, such as income instability. By the end of 2024, the ministry hopes to increase the number of grant recipients to 5,000.
In addition to this immediate goal, the ministry has ambitious plans to expand the program further, aiming to provide grants to 23,000 young farmers by 2025. The expansion is intended to address the financial difficulties often faced by young farmers, particularly those new to the profession, who struggle with income drops in the early years of farming. The ministry's efforts reflect a broader strategy to make farming a more accessible and sustainable career choice for younger South Koreans.
A key observation from the program's data is the increasing participation of individuals with little to no prior farming experience. The percentage of grant recipients with no experience in farming has grown significantly, from 42.5 percent in 2018 to 78.3 percent in 2024. Additionally, the program has attracted a growing number of individuals who did not attend agricultural high schools or universities, with their share rising from 65.6 percent in 2018 to 79.9 percent in 2024. This shift suggests a growing interest in farming as a viable career path among young people from urban backgrounds.
Another noteworthy trend is the rising number of young female farmers among the grant recipients. The proportion of women participating in the program has nearly doubled, from 17.5 percent in 2018 to 29.6 percent in 2024. This increase highlights a growing interest among women in pursuing farming, indicating a shift in the traditionally male-dominated field. Overall, the program's expansion is seen as a crucial step in revitalizing South Korea's agricultural sector by attracting a diverse group of young people to farming careers.
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