Uber to lay off 3,700 employees due to COVID-19 pandemic

New Delhi: Ride hailing app Uber on Thursday stated that it’s going to lay off 3,700 employees within the wake of financial challenges and uncertainty ensuing from the COVID-19 pandemic.

In its regulatory submitting to United States Securities and Exchange Commission, Uber talked about that the corporate “plans to reduce its operating expenses in response to the economic challenges and uncertainty resulting from the COVID-19 pandemic and its impact on the Company’s business”.

“Due to lower trip volumes in its Rides segment and the Company’s current hiring freeze, the Company is reducing its customer support and recruiting teams by approximately 3,700 full-time employee roles,” the taxi aggregator stated.

Uber has additionally estimated that it’s going to incur roughly $20 million associated to severance and different termination advantages.

“The Company is evaluating other cost and will provide an update in subsequent SEC disclosures regarding such amounts, if material,” it stated.

Meanwhile, Dara Khosrowshahi, the Company’s Chief Executive Officer, has agreed to waive his base wage for the rest of the yr ending December 31, 2020, Uber stated.

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