Grab is introducing an Income Guarantee Program for their Driver-Partners. The program will start on 29th October 2018.
Both Grabcar and GrabTaxi driver-partners will be entitled to join the program.
Top drivers can expect to earn up to $11,888 in guaranteed fares.
What is Income Guarantee Program
The Income Guarantee Program is an incentive and safety-net for driver-partners.
Drivers have been complaining of long-distance-low-fare, short-distance-waste-time, do-grabshare-cannot-cover.
With the Income Guarantee Program, drivers can expect to make a guaranteed fare when they complete a certain number of trips per week. For example, if a driver in the Ruby-Tier completes 140 trips/week for a period of 1 month and collects $5600 in gross fare, Grab will top-up the fare to $7888.
The guaranteed income that drivers can make is dependent on which Emerald Circle Tier they belong to. Drivers in the basic Emerald Tier can earn at least $6888 in fare per month when they complete 140 trips/week.
Drivers in the Diamond Tier can earn at least $11,888 in fare when they complete at least 180 trips/week.
Those who intend to hit the highest tier can expect to drive between 560 trips to 720 trips per month.
What is the Fine Print?
Most drivers know that this kangtao from Grab is never so easy. Grab has confirmed the eligibility condition for the program. The usual magic numbers apply, namely Acceptance Rating above 90%, Cancellation Rating below 10% and Driver Rating minimum 4.3.
MyDestination trips will not be counted as part of trips and fare top-up. Top-up will be processed at the end of the week and credited to the cash wallet the following week.
Commissions taken from amount topped up by Grab will not count towards Emerald Circle (XP) points
As usual, all guaranteed fares are before Grab Service Fee deduction.
First of all, Diamond Tier by-invite-only so you cant chiong your way there yet.
Drivers who want to qualify for the higher tier can do so by driving more and clocking more points. Grab will review the Emerald Circle points every 2 weeks instead of 3 months.
Drivers can upgrade their tier if they accumulate enough points to make it to the next tier during the 2 weeks review.
Give you an example how income guarantee works
This driver is in Ruby Tier. In the first week, he hit 75 trips. Based on the income guarantee for Ruby-75 trips, the amount is $3900.
Take $3900 divided by 4 weeks and the guaranteed earnings per week is $975. Why divide by 4? $3900 is the guaranteed fare if you do 75 trips for 4 weeks in a row, so 1 week is $975.
This driver only made $750 in fare for this first week so Grab will top-up $225 to meet the income guarantee provided all eligibility conditions are met.
Actual take-back earnings for week 1 (75 trips) – $975 – 20% Grab Service Fee = $780
Why Grab suddenly so good?
You mean you don’t know there is a new Green player coming in November? If they don’t do something now, then when?
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