The unemployment rate in Singapore increased 3.1% in 2019 and 4.1% in 2020 due to the pandemic. In light of the coronavirus epidemic, Singapore-based ride-hailing and food delivery giant Grab is urging its staff to take voluntary no-pay leave in order to cut costs, besides cutting cost, other companies are also seeking out other ways to cut down their expenses due to the lack of customers and businesses. Grab has also issued a 20% pay cuts to its senior management.
Grab Singapore’s Head of Transport Andrew Wong announced on Wednesday that the company may no longer be able to provide drivers with extra financial support if ‘circuit breaker’ measures are prolonged further. The Singapore government has recently extended its circuit breaker measures, which have been ongoing since 7 April, until 1 June, in response to a sharp rise in COVID-19 cases in recent weeks.
According to Grab Chief Executive Officer Anthony Tan, however, there has been an increase in demand for the company’s food delivery service due to the implementation of stay-at-home measures worldwide.
Related Articles
Coronavirus: 51% of CEOs Report Virus is a “Severe Risk” to their Business
Cyber Crime Damages Expected To Reach USD 27 billion by 2025
