GRAB TO CUT 360 JOBS, CLOSE TO 5% OF TOTAL HEADCOUNT

On June 16, co-founder of Grab, Mr Anthony Tan announced the decision to cut jobs by 5%.

Grab CEO and Co-Founder toucheed on the decision in a note to employees stating the following:

“We understand this news will cause anxiety and dread. Please know that we did not come to this decision lightly. We tried everything possible to avoid this but had to accept that the difficult cuts we are making today are required, because millions depend on us for a living in this new normal.”

Tan also assured that this will be the last organisation-wide layoff this year.

“I assure you that this will be the last organization-wide layoff this year and I am confident as we execute against our refreshed plans to meet our targets, we will not have to go through this painful exercise again in the foreseeable future.”

Here is the severance package for those who were layed off.

• Severance payment of half a month for every 6 months of completed service, or based on local statutory guidelines, whichever is higher. 
• Enhanced separation payment equivalent to about 1.5 months of salary on top of the severance pay as additional assistance during this COVID-19 crisis and bonus for work done in 2020.
• Waiver of annual cliffs for equity vesting, so that more Grabbers can leave as shareholders. This means that your outstanding unvested equity will vest monthly until your last date of employment.
• Medical insurance coverage until the end of this year through existing medical insurance, or a stipend equivalent, so you can have peace of mind through these uncertain times.
• Maternity and paternity leave encashment for female Grabbers who are expecting and male Grabbers whose wife is expecting, as of the last date of employment.
• Encashment of unused accrued annual leave and unused GrabFlex credits under your Flexible Spending Account.
• Career transition and development support in the form of outplacement support from our Talent Acquisition team and the creation of a Talent Directory that allows recruiters and companies to reach out to impacted Grabbers for opportunities. We will also provide impacted Grabbers access to sessions with a life coach and half a year’s worth of online career development tools, so they can continue to grow in their personal and professional lives. 
• Emotional support via the Grabber Assistance Program which you will continue to be able to access for 3 months after your last date of employment.
• Finally, you can opt to keep your laptops to help you in your search of your next adventure. 

Source: grab.com