Continue reading this on our app for a better experience

Open in App
Floating Button
Home News Zest

Softbank-backed Grab asks 6,000 employees to take no-pay leave or reduced working hours to avoid job cuts

Bloomberg
Bloomberg • 2 min read
Softbank-backed Grab asks 6,000 employees to take no-pay leave or reduced working hours to avoid job cuts
Grab CEO Anthony Tan warned last week that the coronavirus is creating significant challenges that will require “tough decisions” about cutting costs and managing capital.
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

(Apr 30): Ride-hailing and food delivery provider Grab Holdings Inc. has begun asking its staff to go on voluntary no-pay leave or take reduced working hours to help it avoid cutting jobs, the latest sign of troubles at Southeast Asia’s most valuable startup.

The Singapore-based company, which is backed by SoftBank Group Corp., said it has given its staff across the region an option to take flexible working options, including sabbaticals, where there is excess capacity. Grab, last valued at $14 billion, has 6,000 employees.

“We are taking active steps to conserve cash and manage our employee base, before we consider layoffs,” the company said in response to queries from Bloomberg News. “There is a lot of uncertainty as to the depth and duration of the pandemic and we don’t know how long the economic recession will last.”

Grab CEO Anthony Tan warned last week that the coronavirus is creating significant challenges that will require “tough decisions” about cutting costs and managing capital.

On-demand service companies have been hit hard in the economic slowdown caused by the pandemic. Responding to plunging demand for rides, Lyft Inc. said this week it will eliminate the jobs of almost 1,000 employees across the company, or about 17% of its workforce.

Highlights

Re test Testing QA Spotlight
1000th issue

Re test Testing QA Spotlight

Get the latest news updates in your mailbox
Never miss out on important financial news and get daily updates today
×
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.