PNG Power’s Home Ownership Scheme

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PNG Power has invested in its employees by introducing the Home Ownership Scheme.

The scheme provides for two types of assistance, which are Equity Assistance and Housing Advance.

50 staff applications have been approved and the first five recipients received their payment today.

Under the two types of assistance, the company will provide 15% Equity Assistance to support first time home buyers secure bank loans to purchase their house.

The company can also provide Housing Advance for those who want to build on customary land or carry out maintenance on their homes. The Housing Advance will be repaid interest-free over a period of 10 years.

Acting Chief Executive Officer for PNG Power, Alex Oa, said the company was committed to staff welfare.

The PNG Power Home Ownership Scheme Committee Chairman, Stanley Tavuru, said much awareness was done with the staff before the scheme was approved in April 2017 by the PPL Board.

Eligible staffs are those who have worked with the company for 5 years or more. Today the first five received their payments with the combined value of K231,050. The rest will receive their payments next week.

Forty-six staff applications from around the country have been processed by the Home Ownership Scheme Committee. Twenty-seven for Equity Assistance and Nineteen for Housing Advance.

EMTV Online

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