South Korea is poised to announce compensation plans for dog meat sellers in September, in a follow-up to its passage of a bill in January banning the eating and selling of dog meat. The country seeks to end the centuries-old yet controversial practice amid growing support for animal welfare.

"We will announce the basic plan in September after consulting with financial authorities," the Ministry of Agriculture, Food and Rural Affairs said in a statement Friday.

"Nothing specific has been decided yet regarding the support plan," it added.

The statement came after a media report about the findings of a study by the Korea Rural Economic Research Institute, which, based on a survey of the dog industry, calculated the annual net profit of breeders at 310,000 won ($226.5) per edible dog. This is expected to influence fiscal authorities' judgment regarding the support that should be provided, and compensation costs are estimated to be at level that maximizes farmers' profits.

Taking into account the industry's net profit, the annual support amount to all dog meat sellers could reach over 150 billion won, according to the study.

The government and the dog breeders' association have been negotiating the method and scale of compensation, as well as the number of years the dog meat sellers' compensation would be eligible for, ahead of the law's full implementation in 2027.

There are 1,507 dog farms in Korea raising over 500,000 dogs for consumption, which is a dramatic 35 percent drop compared to five years ago, according to government research last year.

The ban, which was passed with 208 votes in favor, none against, and two abstentions, will take effect after a grace period of three years. Starting 2027, those who breed, butcher, distribute, or sell dog meat for human consumption may be jailed up to three years or fined up to 30 million won.