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

Bloomberg
Bloomberg4/30/2020 05:49 PM GMT+08  • 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.
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(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.”

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