PNG Ports Corporation Limited (PNG Ports) has embarked on an ambitious home ownership scheme to provide housing for all its employees across its network of ports in Papua New Guinea.
The Board and Management of PNG Ports approved the Home Ownership Scheme Policy to be implemented this year (2017).
While announcing the Home Ownership Scheme, PNG Ports’ Acting Managing Director, Stanley Alphonse, said: “PNG Ports is aware of the challenges of high rental accommodation as well as shortages of quality and affordable residential housing for employees.”
“The company also considers that these challenges do have an unfavorable impact on its employees in terms of work performance and life in general. As a result, PNG Ports is giving its employees the opportunity to own their own homes,” Mr Alphonse said.
Under the Home Ownership Scheme Policy, PNG Ports will provide the equity (as company assistance) required by the commercial banks or financial institutions, in order to enable its employees to secure a home loan to either purchase an existing residential property or to construct a new residential building (inclusive of the vacant land).
The participating employees, through this scheme, are required to repay the company assistance through their service to the company.
The Home Ownership Scheme is seen as an initiative by the PNG Ports Management to attracting, retaining and motivating staff in its endeavors to improving and maintaining staff performance levels.
Creative Designer, Michael Rengis, who has worked five years with PNG Ports, thanked the company for the benefit.
“After working with other organisations, owning a home has always been a dream, but now it will become a reality,” Mr Rengis said.
He said saving up for the equity for a loan was perhaps the hardest step to owning a home, and thanked PNG Ports for providing this.
“Owning a house will be a big benefit to me and my family and I commend PNG Ports for the opportunity. I look forward to continue working for PNG Ports and to give my best at work because we are fortunate to benefit from this Scheme,” he said.