Early Retirement Scheme on its way

A new Early Retirement Scheme (ERS) will be introduced next January, Minister for Agriculture Mary Coughlan has confirmed.

This will replace the existing ERS introduced six years ago that recently began to struggle with dwindling numbers of applicants.

The new scheme will be introduced as soon as the Rural Development Plan 2006-13 is approved by the European Commission.

Meanwhile, the Minister has this week announced changes to the current Early Retirement Scheme.

The off-farm income limit for retiring farmers has been increased from €25,400 to €40,000. The total income limit has also been scrapped.

Heretofore, an income limit exemption for retiring farmers was only applicable where the farm was transferred to a family member. The changes are effective from 1 September, 2006.

Launching the changes, the Minister for Agriculture, Mary Coughlan said "the Early Retirement Scheme is a mechanism to promote the earlier handover of farms to the next generation, and to do that effectively it has to keep pace with the realities of present-day farming.''

She highlighted the huge increase in part-time farming and the importance of this trend in supporting many farms these days.