The South Korean government has announced it will disburse 800,000 won ($693) each month to young farmers starting next year.

The Ministry of Agriculture, Food and Rural Affairs said it will select 300 youths at a farming contest and financially support them for two years for their farming business.

This is the first time that the government is providing assistance to young farmers.

The government added that youths who do not farm four years after receiving assistance will be required to reimburse the total amount received.

“It is crucial for young famers to stay afloat the first two or three years, where people farm and gain profit from their crops,” said ministry spokesman Ahn Ho-keun.

It is speculated that the government is trying to encourage youngsters to relocate to the countryside because although the number of people returning to the countryside to farm has increased, most of them are in their fifties and older.

By Sang Youn-joo (sangyj@heraldcorp.com)