4 Conditions for Nonghyup Membership│Dividend Type│Benefits
Since Nonghyup members can receive various benefits such as annual dividends, holiday gifts, congratulatory and condolatory expenses, loan support, and reduction of agricultural material purchase costs, it is a system that has no reason not to join if you meet the conditions for joining the Agricultural Cooperative.
In today’s post, we will summarize the conditions for becoming a Nonghyup member, how to apply, types of dividends, and benefits you can receive.
What is an Agricultural Cooperative Member?
Nonghyup is a cooperative established for the purpose of promoting and supporting agriculture, and is a non-profit corporation made with investment by farmers. Agricultural cooperative members refer to members who have joined an agricultural cooperative, and have the right to obtain economic benefits from the agricultural cooperative and participate in management. 농협조합원 가입조건
Nonghyup-Mark 좋은뉴스
4 conditions for membership in Nonghyup
1. A farmer engaged in agriculture or a person who operates an agricultural corporation
2. A person who has an address, residence or place of business in the district of the association
3. Only one local Nonghyup can join
4. A person who is not a bankrupt or incompetent person
The conditions for membership in the Agricultural Cooperative are slightly different, but the above four conditions are the basic conditions that all Nonghyup apply equally. Below we will go through the details of each condition.
1. A person who is a farmer engaged in agriculture
A farmer is a farmer who engages in farming for 90 days or more out of a year, has sales of agricultural products of 1.2 million won or more per year, and meets at least one of the following conditions.
Farmland management of more than 1,000㎡ (about 300 pyeong) for crops
Cultivation of horticultural crops in a facility house of more than 330㎡ (about 100 pyeong)
Cultivation of vegetables, fruit trees, and flower crops over 660㎡ (about 200 pyeong)
Breeding silkworms for 0.5 boxes or more
A person who raises beekeeping or livestock that exceeds the standards determined and announced by the Minister for Food, Agriculture, Forestry and Livestock as livestock specified in Article 2, Subparagraph 1 of the Livestock Act
Classification Type of Livestock Breeding Standards
2 or more large cattle, horses, mules, or donkeys
Medium livestock 5 or more pigs, goats, sheep, deer, dogs
more than 20 dogs
Cattle Cattle More than 50 rabbits
Poultry Over 100 chickens, ducks, turkeys and geese
More than 10 groups of other bees
Livestock Type Breeding Standards
30 quail
30 pheasants
3 badgers
3 ostriches
In a flower field-beekeeping-several-placed-looking beehives
Cows are grazing on a ranch
rice-ripe-head-bowing-appearance
2. A person who has an address, residence or place of business within the territory of the association
You must be a farmer with an address or place of business in the area where the local agricultural cooperative you wish to join is located, or a farmer with a farming association corporation or agricultural corporation corporation whose office is located in the cooperative district.
3. Only one local Nonghyup can join
Nonghyup members can only join one local Nonghyup nationwide, and cannot join more than two. However, overlapping registration is possible with Nonghyup of other units such as Suhyup and Wonhyup.
example )
Yangju Agricultural Cooperative Federation + Yangju Livestock Agricultural Cooperative Federation = Available
Yangju Nonghyup + Pocheon Nonghyup = Duplicate registration is not allowed
4. A person who is not a bankrupt or incompetent person
A person who is declared bankrupt by the court due to insolvency, excessive debt, etc.
A person who has lost the ability to manage property due to mental and physical problems and has been sentenced to incompetence by the court
In case of bankruptcy after joining as a union member, it is also a reason for natural withdrawal.
Persons with limited incompetence and minors can join with the consent of their legal representative.
How to apply for Nonghyup membership
Farmers who meet the conditions for membership in the Agricultural Cooperative can apply for membership by visiting the Nonghyup in the place of business or address area with application documents.
signup process
Fill out the application form for farming and prepare the required documents
Visit Nonghyup and submit application form and required documents
At the Nonghyup Board of Directors held once a month, membership qualifications are reviewed.
Notification of acceptance of subscription within 60 days from the date of receipt of application
Upon payment of the investment fee, the investment certificate is issued
Register as a full member
contribution
In order to become a member of the Agricultural Cooperative Federation, a certain amount of investment must be paid upon registration. This amount varies from region to region and ranges from a minimum of 1 million won to a maximum of 50 million won. Upon withdrawal, the investment is refunded, and dividends are paid on the investment at the beginning of each year.
The amount of investment differs depending on the regional Nonghyup, but it is usually set at a minimum of 2 to 5 million won.
When I looked at the farmers’ community, I often saw comments saying that Nonghyup in large cities with a large number of members have quite high investment (some Nonghyup required an investment of more than 10 million won to join), and that the conditions for joining were also difficult.
✅What you need to know
Investments are not subject to depositor protection
Tax exemption applies up to KRW 10 million per person
Refund of investment can be claimed from the date of approval of the general meeting of accounts (immediate refund is difficult)
It is not possible to lend using the investment as collateral, and it cannot be the subject of a pledge.
application documents
ID card
Family Relations Certificate
Copy of resident registration card
Agricultural business registration confirmation
Agricultural Support Department
Nonghyup member application form
⬇️Download Application for Nonghyup Membership
Nonghyup membership application form.hwp.pdf
0.17MB
✅ Tips to know
The conditions for membership in the Agricultural Cooperatives differ slightly depending on the region. There are branches where Nonghyup financial transaction records are required to sign up for Nonghyup membership, and there are also places where you can see the conditions of the distance between farmland and residence. It is recommended that you call the branch before visiting and check the detailed conditions in advance.
NH
Nonghyup-Central Association
What are the benefits of being a cooperative member?
The Nonghyup returns a certain portion of the profits earned through various businesses every year to its members. Although it varies from region to region, benefits that can be of practical help to farmers are provided, including dividends, congratulations and condolences, education, student loans, loans, and agricultural products.
dividend payment
Support for school expenses for children of union members
Farmer Safety Accident Insurance Support
Applying preferential interest rates for general loans and policy fund loans
Health checkup support
Union member disaster compensation
Support for various congratulations and condolences such as marriage, 60th birthday, high school years, and funeral condolence money
Holiday gift support
Discount on purchase of agricultural materials
Birthday gift support
Agricultural technology guidance support
The benefits of Nonghyup members differ from region to region. As Nonghyup in urban areas with a large number of members are more active in business, they offer more diverse benefits and higher dividends than Nonghyup in the township unit.
Dividend type
The Nonghyup runs its business with money received from members (equity investment) as its capital, and the profits earned through this are paid out as dividends at the beginning of each year. There are three types of dividends: investment dividends, usage dividends, and business reserves.
Dividend
Investment dividends are paid once a year by adding an interest rate of about 2% of the Nonghyup time deposit to the share of the investment paid at the time of subscription. It is paid annually with an additional 2% of the regular deposit interest.
Some people put a lump sum of money for investment purposes because the larger the stake in the investment, the more dividends you receive. Although the probability of bankruptcy of Nonghyup is extremely low, it is recommended to invest an appropriate amount of surplus money, as the investment has the disadvantage that depositors are not protected.
Dividends for use
The usage dividend is a dividend paid to members according to their individual usage performance with the remaining profit or loss after paying dividends on investment to members. Usage records refer to the business of the relevant Nonghyup, such as Hanaro Mart, credit card, loan, deposit, insurance, gas station, and purchase of agricultural materials.
If you make a bankbook at Nonghyup, you get 21 points, and if you buy something at Hanaro Mart, you score 10 points for each item, and through the annual settlement of accounts, you receive dividends equal to the amount of use. The higher the Nonghyup usage performance, the higher the usage and dividend.
Business preparation level
The business reserve is a discretionary reserve that accumulates 20% of the surplus after the annual settlement of accounts. To put it simply, it is a concept similar to severance pay. The Nonghyup accumulates additionally each year according to the member’s business use performance, and pays them together with the investment when they withdraw.