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Grab cuts senior managers pay by up to 20%, may cease financial help to drivers
SINGAPORE — Grab Holdings has cut its senior management by up to 20 per cent and encouraged employees to take voluntary no-pay leave.
Additionally, Grab Singapore’s head of transport Andrew Chan said in a statement late Wednesday (29 April), that the company may no longer be able to provide drivers more financial help if the circuit breaker measures to curb the spread of COVID-19 are extended beyond 1 June.
“No one can be sure how long the situation will last but we are preparing for a long and difficult path ahead,” he said.
To help drivers during the pandemic, Grab had extended until 1 June financial assistance to drivers which includes cutting upfront commission by at least 50 per cent. A weekly payout of either S$45 or S$85 to help supplement drivers' income will also be extended till end-May.
“Extending the assistance was not an easy decision as Grab’s business has also been badly hit. It has taken us a few days to confirm this for you, as we needed to reroute some funding,” Chan said.
The company have moved funds from other Grab driver-partners’ benefits such as rewards for top-rated driver-partners, birthdays and cancellation compensation, and is also relying on voluntary donations made by Grab employees, which were matched dollar-for-dollar by the company, to fund this round of financial assistance for drivers, Chan said.
Grab will continue to support drivers and has been expanding GrabMart and GrabExpress to create more delivery earning opportunities for drivers, he added.
The Singapore-based company is the most valuable startup in Southeast Asia as it has expanded beyond ride-hailing into food delivery and other services. In February, Grab raised more than US$850 million to fund its push into financial services in the region.
Grab co-founder and CEO Anthony Tan said on 20 April that the ride-hailing firm will undergo “necessary operational adjustments”, which includes right-sizing its costs and managing capital more efficiently, to weather the storm.
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