Singapore, 23 January 2015 – GrabTaxi Singapore today announced the launch of the GrabTaxi Provident Fund (GPF), a S$3.5 million welfare fund set up for taxi drivers who are active and have maintained the highest service standards. The fund is established solely from the investments that GrabTaxi received in the last 14 months, totalling US$340 million (S$455.3 million).

This fund is the latest taxi driver benefit offered by GrabTaxi. The mobile app offers taxi drivers the most efficient method to get passengers and reduces empty cruising, enabling drivers to increase their income. Other benefits of using GrabTaxi include knowing the destination for each ride and performance based incentives for drivers.

Lim Kell Jay, General Manager for GrabTaxi Singapore, said: “Driver welfare has always been a key focus for us and we understand what our drivers truly need. The GrabTaxi Provident Fund allows us to set aside enough money to support our drivers who have been active and adhered to our strict code of service conduct. The fund covers medical costs, accident cover and crisis support to give our drivers peace of mind and reaffirm our commitment to their well-being.”

How the fund works is that GrabTaxi will deposit S$300 into the fund every month per driver that fulfils the service and usage criteria. This amounts to a total of S$3,600 per driver that GrabTaxi sets aside every year for their use.

Drivers can use the fund for medical, accident coverage and crisis support. Drivers just need to provide the relevant receipts and documents to GrabTaxi to make the claim except in the case of crisis support, where no documentation is required.

Launched in October 2013 in Singapore, GrabTaxi is currently the largest third party booking app in Singapore. With over 60,000 drivers across the region, GrabTaxi is continuing to expand its driver network even further with the goal of becoming the largest consolidated taxi fleet in Singapore by the third quarter of 2015. There are currently six bookings per second throughout the region. There are more than 3 million downloads of the mobile app and more than 620,000 people use the app at least once a month in Southeast Asia.

Kell Jay said: “This is just the start for us as we continue to grow our network in Singapore. We feel that this is a great way to reward our drivers who have performed to the highest standard and helped us grow to become the largest in Singapore. We’re fully aware that our drivers work hard and long hours, so this fund will provide a great opportunity for us to say a big thank you for their efforts.”