SouthEast Asia’s ride-hailing giant, Grab, is laying off about 360 people, approximately 5% of their total employees as the effects of the pandemic continue to ripple across the economy.
The announcement was made by Grab CEO, Anthony Tan, in a letter to employees earlier today.
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“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.
Over the past few months, we have reviewed all costs, cut back on discretionary spending, and implemented pay cuts for senior management. In spite of all this, we recognize that we still have to become leaner as an organization in order to tackle the challenges of the post-pandemic economy.”, mentioned Anthony Tan, CEO of Grab.
Despite the layoffs, a spokesperson from Grab mentioned that this will be the last layoff to take place this year.
The company will not be shutting down any of their offices as well.
Employees that are laid off will receive severance pay, waivers of annual cliffs for equity vesting, medical insurance coverage, and encashment of unused annual leave.