Support Increased for Regional NongHyup Mergers... 50 Billion Won per Dissolved Cooperative
Plan to Encourage Large-Scale Mergers Among Multiple Cooperatives
Maximum Limit for Special Voluntary Merger Funds Raised to 30 Billion Won
The amount of financial support available for regional NongHyup cooperatives when they merge will be increased.
On July 10, the National Agricultural Cooperative Federation (NongHyup) announced that it had decided to expand the funding provided when regional cooperatives voluntarily merge, in order to promote such mergers.
NongHyup recently revised its "Basic Support Criteria for Mergers," changing the funding method from providing support to the surviving cooperative after a merger, to offering 50 billion won for each cooperative that is dissolved as a result of the merger. Previously, 30 billion won was provided to the surviving cooperative after a merger, with an additional 10 billion won for each participating cooperative.
NongHyup plans to encourage large-scale mergers among multiple cooperatives by increasing the scale of support according to the number of cooperatives involved in the merger. In addition, the maximum limit for special voluntary merger funds will be raised from 20 billion won to 30 billion won, and the support period will be extended from two years to three years.
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Furthermore, to encourage participation in mergers, NongHyup will increase the basic achievement award for cooperative presidents from 80 million won to 100 million won, and the number of times it will provide financial support for re-voting in the event of a failed merger proposal will be increased from once to up to twice.
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