Monday 30 November, 2020

Uber to lay off 3,700 workers, CEO to waive salary

Uber is cutting 3,700 full-time workers, about 14 per cent of its workforce, and its CEO will give up his base salary with the nation largely still in lockdown.

The San Francisco company said Wednesday that the layoffs and related costs like severance will reach about $20 million.

Uber Technologies Inc. had already imposed a hiring freeze and has offered up to 14 days of financial assistance to drivers and delivery workers who were diagnosed with COVID-19, or placed in quarantine.

Chief Executive Dara Khosrowshahi will waive his base salary through year-end.

The company, which is scheduled to report quarterly financial results after the bell Thursday, said it is evaluating other cost cuts.

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