PPL launches home ownership scheme

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Two of the first five PNG Power Ltd employees witnessed the launching of their home ownership scheme yesterday.
Acting chief executive officer Alex Oa presented K251,550 to Steven Piel and Peter Kasu ,who received it on behalf of three others at a ceremony before officials from commercial banks, the senior management team and employees.
“Today is a very big occasion for PNG Power. We worked on it for a very long time,” Oa said.
“PPL is committed to ensuring that its staff own first homes and if they have worked hard to own their homes, this police also supports them.
“This is a huge commitment by PPL and it will cost the company a lot of money but the company is determined to see that this project is implemented and sustained.”
The scheme approved by PPL board in April this year provides both equity and also housing advance to the staff.
Oa said PPL was introducing home ownership scheme to assist staff and the equity it was providing was 15 per cent of the value of the housing.
“The housing advance is the up to a maximum of K40,000 and staff who have served five years or more are eligible,” Oa said.
“Owning a home is very important. It provides long-term security for families and sometimes it’s difficult for people to find money as equity to get loans.”