News: COVID-19: Grab’s senior leaders to take a pay cut of upto 20%

C-Suite

COVID-19: Grab’s senior leaders to take a pay cut of upto 20%

In a note to drivers, Grab Singapore's head of transport Andrew Chan said: "As our revenues continue to fall, senior Grab leaders have taken a pay cut of up to 20 percent and Grab staff has also been encouraged to take no-pay leave voluntarily.
COVID-19: Grab’s senior leaders to take a pay cut of upto 20%

Singapore’s ride-hailing giant, Grab announced that its senior leaders, including the co-founders, will take a pay cut of up to 20 percent, as part of measures to deal with the impact of the COVID-19 pandemic.

In a note to drivers, Grab Singapore's head of transport Andrew Chan said: "As our revenues continue to fall, senior Grab leaders have taken a pay cut of up to 20 percent and Grab staff has also been encouraged to take no-pay leave voluntarily."

Grab is facing falling earnings during the current circuit breaker that aims to halt the spread of the coronavirus, but the company is continuing to cut its commission by at least 50 percent for its private-hire car drivers until June 1, and will waive commissions until May 10 for drivers who rent their cars from the firm.

A weekly payout of $45 or $85 to help supplement drivers' income will also be extended to end-May. 

Funds were diverted from schemes such as incentives for best-performing drivers and cancellation compensation. Grab employees also made voluntary donations, matched by the firm to fund the extension of financial assistance.

Meanwhile, fellow ride-hailing firm Gojek announces that it will extend commission rebates to its drivers in line with the extended circuit breaker measures till June 1, and will give out grocery vouchers to more than 600 drivers.

When asked about the issue, a spokesman told The Straits Times, "The company will continue to review and look at ways to enhance its current support measures."

Taxi operators ComfortDelGro and SMRT have said they will continue to waive the rental - about $100 daily - for their taxi drivers up till June 1. This will cost them an additional $17 million and $6 million respectively.

Yesterday, The Business Times reported that Deliveroo will lay off a quarter of its 80-strong Singapore workforce as part of a global cut that will hit over 300 workers.

Amid this crisis situation Mr. Chan assures that Grab will continue to create more job opportunities for its drivers, such as in parcel and grocery delivery.

 

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Topics: C-Suite, Compensation & Benefits, #COVID-19

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