SINGAPORE: Ride-hailing giant Grab announced on Monday (Mar 30) that its senior leaders, including the co-founders, will take a pay cut of up to 20 per cent, as part of measures to deal with the impact of the COVID-19 pandemic.
"The COVID-19 pandemic and ensuing measures to curb its spread has had a severe impact on businesses worldwide," said the Singapore-based company in a news release.
"To respond to the crisis, senior Grab leaders will take a pay cut of up to 20 per cent to help the business and its partners ride out the impact of the pandemic."
Grab also announced that in the coming weeks, it will expand its GrabMart service to more countries, including the Philippines, Myanmar and Cambodia, in response to an increase in demand for the delivery of food and other daily essentials.
"Users can browse GrabMart to purchase essential items from grocery stores, convenience stores and pharmacies without leaving their homes," said Grab. The service is currently available in Indonesia, Malaysia, Singapore, Vietnam and Thailand.
In addition, the on-demand concierge service, GrabAssistant, will expand into new cities in the Philippines, Indonesia and Thailand, as well as relaunch in Vietnam.
READ: COVID-19: Taxi, private-hire car drivers allowed to make home deliveries to meet increased demand
Grab employees can also make voluntary donations to help fund the company's support measures for its drivers and GrabFood merchants, and Grab will match contributions dollar-for-dollar.
These support measures include financial assistance and rental waivers for drivers who are hospitalised due to COVID-19, insurance protection against the disease and providing eligible drives with earnings support.
READ: Taxi drivers affected by reduced demand could be temporarily redeployed as 'transport ambassadors': Khaw Boon Wan
The COVID-19 pandemic is posing massive risks to the global economy, with governments around the world taking steps to shore up support for the economy and households. There have been more than 600,000 cases of COVID-19 around the world since the outbreak of the epidemic.