Singapore-based ride-hailing firm Grab said it would be cutting about 360 jobs or five percent of its employees due to the “stark impact” of the coronavirus pandemic on its operations.
Grab Chief Executive Officer and co-founder Anthony Tan said the company had tried “everything possible” to avoid cutting jobs, adding, “Since February, we have seen the stark impact of COVID-19 on businesses globally, ours included. At the same time, it has become clear that the pandemic will likely result in a prolonged recession and we have to prepare for what may be a long recovery period.”
Mr. Tan said the company had reviewed over the past few months all costs, cut back on discretionary spending, and even “implemented pay cuts for senior management.”
Grab Philippines confirmed its employees are affected by the retrenchment move. Affected Philippine-based employees are office-based, “not driver-partners.”