Ryde and Singlife: A Strategic Partnership for Driver Protection
Monday, Nov 11, 2024 8:52 am ET
4min read Ryde Group Ltd (NYSE American: RYDE), a leading mobility and quick commerce platform in Singapore, has extended its strategic partnership with Singlife, a homegrown financial services company. This collaboration marks a significant step in addressing the unique needs of Ryde's driver-partners, providing them with financial security and peace of mind while on the road. The partnership will implement a comprehensive Work Injury Compensation Act (WICA) Protection Plan for platform workers starting January 1, 2025.
The WICA Protection Plan offers key coverages to Ryde's driver-partners, including:
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, at 2/3 Average Daily Earnings (ADE) for up to a year post-accident.
3. Medical Expenses: Medical expenses related to a work accident, capped at $45,000 or 1 year post-accident.
This collaboration aligns perfectly with Ryde's driver-first approach and commitment to driver welfare. It complements ongoing initiatives such as 0% driver commissions, 7 driver commitments, and a 1-day leave scheme for driver well-being. Together, these offerings create a sustainable and supportive environment for Ryde's 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."
In conclusion, Ryde's extended partnership with Singlife to implement the WICA Protection Plan is a testament to the company's commitment to driver welfare and safety. This strategic collaboration ensures that Ryde's driver-partners are protected against potential risks while on the road, providing them with financial security and peace of mind. By prioritizing driver well-being, Ryde continues to set the standard for mobility and quick commerce platforms in Singapore and beyond.
The WICA Protection Plan offers key coverages to Ryde's driver-partners, including:
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, at 2/3 Average Daily Earnings (ADE) for up to a year post-accident.
3. Medical Expenses: Medical expenses related to a work accident, capped at $45,000 or 1 year post-accident.
This collaboration aligns perfectly with Ryde's driver-first approach and commitment to driver welfare. It complements ongoing initiatives such as 0% driver commissions, 7 driver commitments, and a 1-day leave scheme for driver well-being. Together, these offerings create a sustainable and supportive environment for Ryde's 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."
In conclusion, Ryde's extended partnership with Singlife to implement the WICA Protection Plan is a testament to the company's commitment to driver welfare and safety. This strategic collaboration ensures that Ryde's driver-partners are protected against potential risks while on the road, providing them with financial security and peace of mind. By prioritizing driver well-being, Ryde continues to set the standard for mobility and quick commerce platforms in Singapore and beyond.
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