The lump sum exit scheme, opened earlier this year for those farmers who are wishing to leave the industry, soon closes for applications.
Farmers in England can apply to the scheme, which will provide a payment so they can exit the sector in a managed way.
In return, they will be expected to either rent or sell their land or surrender their tenancy in order to create opportunities for new entrants.
The exit payment provided is based on the average direct payments made to the farmer for the 2019 to 2021 Basic Payment Scheme (BPS) years.
This reference figure will be capped at £42,500 and multiplied by 2.35 to calculate the lump sum, meaning that farmers could receive up to around £100,000.
The scheme, which opened for applications in April, has a deadline set for 30 September.
David Exwood, vice president of the NFU, encouraged farmers wishing to retire to apply to the scheme.
“With the rollout of the first domestic agricultural policy for more than 40 years currently taking place, farmers across the country will be making difficult decisions about the future of their farm business.
"I would encourage anyone considering this to take advantage of the free and confidential business advice being funded by Defra.
“We will also continue working with Defra on the crucial New Entrants Scheme which we hope will provide a pipeline for new talent to enter the industry.”
Defra said that a further phase of support would be launched in late September and would run until March 2025.
Defra Secretary George Eustice said: “The decision to retire or exit the industry can be extremely difficult and is frequently postponed.
"The purpose of the scheme is to assist farmers who want to exit the industry to do so in a planned way that provides them with the means to make a meaningful choice about their future.
"The scheme will also free up land for new entrants to farming, and we will be saying more about our new entrants scheme shortly.”
