INHFA seeks €350/week retirement scheme

A farm retirement scheme that provides farmers with an index-linked payment of €350 per week has been called for by the Irish Natura and Hill Farmers’ Association (INHFA).

In its submission to the public consultation on generational renewal that closed on Friday 31 January, the INHFA included the payment rate which amounts to €18,200 annually for a retirement scheme.

It also said that a separate payment for all farmers over 55 who draft a succession plan should be provided.

Among the INHFA’s other proposals were the re-introduction of the young farmer installation aid scheme to pay at least €15,000 to support land transfer and succession.

The Irish Cattle and Sheep Farmers’ Association (ICSA) joined the INHFA in looking for a farm retirement or succession scheme.

The scheme should provide a guaranteed annual income of €30,000 for 10 years if the farmer entered a structured succession plan with a successor under 45, it said.

The ICSA added that the scheme should have no upper age limit for participation until at least 20% of farmers are under 40.

Recent figures from the Central Statistics Office (CSO) show that less than 5% of Irish farmers are under 35.

Meanwhile, the Irish Creamery Milk Suppliers’ Association (ICMSA) highlighted the need for policy certainty for young farmers and called for an income volatility taxation measure.

Specific

Among its proposals were a young farmer tax credit, access to finance at 1% interest for these farmers and a specific young farmer support scheme.

Alongside a succession or retirement type scheme for farmers over 55, the ICMSA also called for a pension scheme whereby the Government or EU tops-up farmers’ pensions.

MEP Barry Cowen said in his submission that alongside an increased CAP budget, the CAP allocation to young farmers must be increased.

His proposals also included investing in rural infrastructure to make farming and rural life more viable for future generations.