30 March 2020 – ComfortDelGro Taxi is extending the daily rental relief till September 2020 to help its cabbies affected by the COVID-19 outbreak – a move which will effectively push it into the red.
ComfortDelGro Taxi hirers are now receiving a total of $46.50 per taxi per day in rental relief – comprising $36.50 from the Company and $10 from the Government’s Special Relief Fund (SRF)1.
The relief amounts from the Company are supposed to reduce gradually in April and May under its original timeline. However, the worsening economic conditions and enhanced COVID-19 measures, have made it imperative that more help be extended to cabbies.
As such, the Company will match the SRF amount of $10 till September and, depending on the prevailing conditions, also extend the additional $26.50 per day relief till then. That is, hirers can expect to receive $46.50 per taxi per day in rental relief from now until 30 September 2020 if the situation does not improve.
The move is expected to cost ComfortDelGro Taxi as much as $80 million and will effectively push it into the red for the year ending 31 December 2020. This will be the first time Singapore’s largest taxi operator will post full-year losses.