Ryde Extends Partnership with Singlife to Implement Work Injury Compensation Protection for Driver-Partners
Ryde Group Ltd (NYSE:RYDE) ("Ryde'' or the "Company"), a technology company with a leading platform for mobility and quick commerce in Singapore, extended it's strategic partnership with Singlife, a homegrown financial services company.
Building on the RydeSafe initiative for riders, Ryde has today signed a Memorandum of Understanding ("MOU") with Singlife and will be implementing a comprehensive Work Injury Compensation Act ("WICA") Protection Plan for platform workers from January 1, 2025.
This collaboration is a significant step in addressing the unique needs of our driver-partners. It provides driver-partners with financial security and peace of mind, ensuring they are protected against potential risks while on the road.
Key Coverages:
1. Lump sum compensation for permanent incapacity, current incapacity or death: When an injury or illness has a permanent effect on a platform worker's ability to work or when an injury causes death related to a work accident.
2. Medical Leave Wages: Income loss compensation during medical leave and hospitalization leave related to a work accident.
3. Medical Expenses: Medical expenses related to a work accident.
WICA pushes Ryde's driver-first approach, further supported by ongoing initiatives such as 0% driver commissions, 7 driver commitments, and a 1 day leave scheme for driver well being. Together, these offerings reinforce Ryde's dedication to prioritizing driver welfare and creating a sustainable and supportive environment for its driver-partners.
Terence Zou, CEO and Founder of Ryde Group, commented, "Our partnership with Singlife reflects Ryde's commitment to our driver-partners' safety and well-being through compliance with WICA regulations. WICA ensures that our platform workers are protected against unexpected risks on the road, providing them with the financial security and peace of mind they deserve."
Varun Mittal, Head of Innovation and Ecosystem at Singlife said, "At Singlife, we believe in constantly innovating and helping our customers from all walks of life. Workplace insurance benefits are continuously evolving to cater to the dynamic work environment. Our partnership with Ryde demonstrates our commitment, as a homegrown financial services company, to support our local community. This collaboration marks a key milestone for us in our pursuit to drive financial inclusion for Singapore's gig ecosystem. Through the provision of innovative solutions, including addressing the unique needs of platform workers, we can help boost their financial security and give them a peace of mind."
About Ryde Group Ltd
Ryde, a homegrown super mobility app founded in Singapore, is the world's FIRST on-demand carpooling app since 2014! As a publicly listed company on the NYSE, we are reimagining the way people and goods move around. We offer a full suite of services, including carpooling, private hire, taxi, and delivery, but what truly sets us apart is our commitment to empower our private-hire and taxi partners. We take 0% commission, ensuring that more of every hard-earned dollar goes to drivers on our platform. For more information, please visit https://rydesharing.com/ to learn more.
FORWARD-LOOKING STATEMENTS
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors . Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
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