Grab listing must benefit drivers, riders too, says Umno Youth

 

Grab drivers and riders are left without protection because of loopholes in the law, says Umno Youth.

PETALING JAYA: The benefits of Grab’s Nasdaq listing must be felt by the drivers and riders of the e-hailing company, says Umno Youth chief Asyraf Wajdi Dusuki.

He said drivers and riders played a big role in helping the company achieve a gross merchandise value of RM51.6 billion last year as Grab attracted investors globally over its US$40 billion special purpose acquisition company (SPAC) merger.

“Let’s not forget that they are the ones who are risking their lives daily, braving the sun and rain on the road to transport passengers and food,” he said in a Facebook post today.

Asyraf cited how the merger with Altimeter Growth Corp was said to have amounted to more than half of Putrajaya’s 2021 budget, which made it the world’s biggest SPAC deal.

He said Grab was said to receive more than US$4 billion from this deal as capital to expand its business operations.

“But I was made to understand that during the nine months of the MCO last year, many riders died while delivering food. Hence, it’s fair for Umno Youth to raise the issue of social protection for workers.

“Just because of loopholes in our labour laws that differentiate partners from employees, Grab is allowed to not offer protection to their riders? Is this fair?”

While maintaining that Grab’s listing in Nasdaq was something to be proud of, he said this achievement was pointless if its benefits were only enjoyed by those in the T20 (top 20% income) bracket.

Grab, as part of the SPAC merger, is raising US$4 billion from global investors including BlackRock, Temasek Holdings, Fidelity International, Malaysia’s Permodalan Nasional Bhd and some of Indonesia’s richest family groups.

The deal would make the ride-hailing and food-delivery giant the first Southeast Asian tech unicorn to go public through a SPAC and give it funds to expand. - FMT