PNG Power Ltd is committed to ensuring its staff buy or build their first home through its Home Ownership Scheme (HOS) which was launched today.
The Scheme was approved by the PNG Power Ltd Board in April 2017.
Under the scheme, the company will provide Equity and Housing Advance to help employees secure loans to buy or build/renovate their first home. This policy covers all employees throughout the country.
Owning a home is important and it provides long term security for many people but it is sometimes difficult to have equity for a home loan or to buy land and build your home.
PNG Power Ltd is introducing the HOS to assist its employees to purchase or renovate/build their first home by providing 15% Equity or Housing Advance. It is an investment in our employees.
We are dedicated to looking after the well-being of our staff and through this scheme and we believe this will help them continue to commit themselves to working for this company.
The HOS is a staff incentive provided by PPL to eligible staff who have served PPL for 5 years or more to assist them secure bank loans or build homes for first time home owners and Housing Advance for those who already own homes to renovation purposes.
The PPL HOS provides for two types of assistance. These are;
Equity Assistance – for first time home buyers to purchase their own homes and;
Housing Advance – for those that want to build on customary land or carryout maintenance/refurbishment of homes for those who already own a first home.
Forty-six (46) staff applications from around the country have been processed by the HOS Committee. Twenty-Seven (27) for Equity Assistance and Nineteen (19) for Housing Advance.
The first five (5) recipients of under this scheme received their payments today. Payments for the rest of the recipients will be made in the coming weeks.
The first five recipients are Steven Piel (National Office), Peter Kasu (Wewak Office), Sabina Wandaki (Mt Hagen Office), Napoloen Kigolena (Kavieng Office) and Paul Gande (Kundiawa Office).
Alex Oa, Acting Chief Executive Officer, PNG Power Ltd