Grab To Lay Off 1000 Employees
Singapore tech giant Grab is going to lay off 1000 employees.
The layoffs are part of Grab's restructuring plan in a bid to make the company profitable.
In a letter to employees, Grab CEO Anthony Tan admitted that the layoffs were "a painful but necessary step."
The company's reasons prompting the decision ticked the usual pain points in the current economic scenario marred by inflationary pressure. In the persisting macroeconomic situation, heightened competition from competitors did not help the cause either.
The layoffs will reportedly affect both functional and non-functional roles in the organisation. The company said that it will assist impacted employees in their job hunt as well as provide them with severance packages.
