Two new schemes for farmers

A NEW installation scheme for young farmers and a new scheme of early retirement from farming, were announced yesterday by Agriculture and Food Minister Mary Coughlan.

The new Early Retirement Scheme under which a maximum pension of €15,000 a year for up to 10 years would be paid will be open to retiring farmers aged between 55 and 66.

Ms Coughlan said pension payments will be based on land area and will be more beneficial to smaller farmers than previous schemes. Farmers involved in intensive enterprises will be eligible for the scheme for the first time.

Under the new Young Farmers’ Installation Scheme a grant of €15,000 will be available to young farmers deemed to be set-up in farming with effect from January 1, 2007.

The new grant represents an increase of over 57% compared to that available under the previous scheme and those who qualify must meet property, education and other requirements.

IFA president Padraig Walshe welcomed the new schemes which he said had been awaited for some time. Improved restructuring measures have been an IFA priority for the past two years and were a key element of the Partnership Agreement last October.

“Encouragements for older farmers to retire and incentives for young farmers to set up are a key component of this policy objective,” he said.