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The popular ride hailing business, Uber, is set to lay off 3,700 full-time workers due to the economic impact of the coronavirus pandemic.

The CEO of Uber Technologies Inc., Dara Khosrowshahi, will also forgo his basic salary for the rest of the year, Reuters reports.

Uber is a third-party ride hailing company. It currently operates in over 85 countries.

Most of the vehicles under the brand are owned by individuals who tap into its digitalised mode of operation to make a living, and in return pay a percentage into the coffers of the company.

Unfortunately, since the outbreak of coronavirus, the business has taken a downward spiral as human activities became restricted across nations in a bid to curtail the spread of the disease.

This inversely means a drastic drop in app-based rides.

As reported by Reuters on Wednesday, the categories of workers to be laid off include its “customer support and recruiting teams.” The firm said it “expects to incur about $20 million in costs for severance and related charges.”

Meanwhile, Uber shares opened 3 per cent lower on Wednesday as the company is expected to report its earnings on Thursday.

Uber in April donated 50,000 free rides, food to organisations fighting domestic violence in more than 30 cities across 16 countries.

This is to help victims of domestic violence to safety and connect with resources at no cost.

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