Ryde Extends Partnership with Singlife to Implement Work Injury Compensation Protection for Driver-Partners
Ryde Group (NYSE American: RYDE) has extended its partnership with Singlife to implement a Work Injury Compensation Act (WICA) Protection Plan for platform workers, effective January 1, 2025. The plan provides comprehensive coverage including lump sum compensation for permanent incapacity or death, medical leave wages, and medical expenses related to work accidents. This initiative complements Ryde's existing driver-first approach, which includes 0% driver commissions, 7 driver commitments, and a 1-day leave scheme. The partnership aims to enhance financial security and protection for driver-partners while on the road.
Ryde Group (NYSE American: RYDE) ha esteso la sua partnership con Singlife per implementare un Piano di Protezione ai sensi della Legge sulle Compensazioni per Infortuni sul Lavoro (WICA) per i lavoratori della piattaforma, a partire dal 1 gennaio 2025. Il piano offre una copertura completa, inclusa una indennità forfettaria per incapacità permanente o decesso, salari per congedo medico e spese mediche relative a incidenti sul lavoro. Questa iniziativa completa l'approccio orientato ai conducenti di Ryde, che include commissioni del 0% per i conducenti, 7 impegni per i conducenti e un piano di congedo di 1 giorno. La partnership mira a migliorare la sicurezza finanziaria e la protezione per i partner-conducenti mentre sono sulla strada.
Ryde Group (NYSE American: RYDE) ha ampliado su asociación con Singlife para implementar un Plan de Protección de Compensación por Lesiones Laborales (WICA) para los trabajadores de la plataforma, que entrará en vigor el 1 de enero de 2025. El plan ofrece una cobertura integral que incluye indemnización en un solo pago por incapacidad permanente o muerte, salarios por licencia médica y gastos médicos relacionados con accidentes laborales. Esta iniciativa complementa el enfoque centrado en el conductor de Ryde, que incluye comisiones del 0% para los conductores, 7 compromisos para conductores y un esquema de licencia de 1 día. La asociación busca mejorar la seguridad financiera y la protección para los socios conductores mientras están en la carretera.
라이드 그룹 (NYSE American: RYDE)는 플랫폼 근로자들을 위한 근로재해보상법 (WICA) 보호 계획을 시행하기 위해 싱라이프와의 파트너십을 연장했습니다. 이 계획은 2025년 1월 1일부터 효력이 발생하며, 영구적인 장애 또는 사망에 대한 일시금 보상, 의료 휴가 급여 및 작업 사고와 관련된 의료비를 포함한 종합적인 보장을 제공합니다. 이 이니셔티브는 0% 드라이버 수수료, 7가지 드라이버 약속, 1일 휴가 프로그램을 포함하는 라이드를 운전자를 중심으로 한 기존 접근 방식을 보완합니다. 이 파트너십의 목적은 도로에서 운전 파트너의 재정적 안전성과 보호를 강화하는 것입니다.
Ryde Group (NYSE American: RYDE) a élargi son partenariat avec Singlife pour mettre en œuvre un Plan de Protection selon la Loi sur les Indemnités d'Accidents du Travail (WICA) pour les travailleurs de la plateforme, entrant en vigueur le 1er janvier 2025. Le plan offre une couverture complète, y compris une indemnisation forfaitaire pour incapacité permanente ou décès, indemnisations pour congés médicaux et frais médicaux liés aux accidents du travail. Cette initiative complète l'approche centrée sur le conducteur de Ryde, qui inclut des commissions de 0 % pour les conducteurs, 7 engagements envers les conducteurs et un système de congé d'un jour. Le partenariat vise à améliorer la sécurité financière et la protection des partenaires conducteurs sur la route.
Ryde Group (NYSE American: RYDE) hat seine Partnerschaft mit Singlife verlängert, um einen Schutzplan gemäß dem Arbeitnehmerschutzgesetz (WICA) für Plattformarbeiter einzuführen, der am 1. Januar 2025 in Kraft tritt. Der Plan bietet umfassenden Schutz, einschließlich Einmalentschädigung für dauerhafte Erwerbsunfähigkeit oder Tod, Löhne während des Krankenstands und medizinische Ausgaben im Zusammenhang mit Arbeitsunfällen. Diese Initiative ergänzt den bestehenden fahrerorientierten Ansatz von Ryde, der 0% Fahrervergütung, 7 Fahrerengagements und ein 1-tägiges Urlaubsprogramm umfasst. Die Partnerschaft zielt darauf ab, die finanzielle Sicherheit und den Schutz der Fahrpartner auf der Straße zu verbessern.
- Implementation of comprehensive WICA Protection Plan for drivers
- 0% driver commission policy
- Enhanced driver benefits package including leave scheme
- None.
Insights
The implementation of WICA protection represents a significant regulatory compliance initiative in Singapore's gig economy landscape. The comprehensive coverage, including permanent incapacity compensation, medical leave wages and medical expenses, aligns with standard employment protections but uniquely adapts them to platform workers. While this move demonstrates proactive regulatory compliance, the financial impact on Ryde's operations should be carefully considered.
The January 2025 implementation timeline provides adequate preparation period, but investors should note potential increased operational costs. This mandatory protection, combined with Ryde's existing 0% driver commissions policy, may pressure profit margins. However, the enhanced worker protection could reduce long-term liability risks and strengthen Ryde's market position in Singapore's competitive ride-hailing sector.
This partnership strategically positions Ryde in Singapore's evolving gig economy landscape. The combination of WICA protection with existing driver-centric policies like 0% commissions creates a compelling value proposition for driver recruitment and retention. This could be particularly advantageous given the intense competition for drivers in the ride-hailing market.
However, the financial implications warrant careful consideration. While the initiative may boost driver loyalty and platform attractiveness, the additional insurance costs coupled with zero commission policies could strain Ryde's already modest
(Photo: Business Wire)
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
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
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FAQ
When will Ryde's WICA Protection Plan for drivers take effect?
What coverage does Ryde's WICA Protection Plan include?
What driver benefits does Ryde (RYDE) currently offer?
