Uber drivers across the world are set to receive up to $40,000 (R572,000) as a “driver appreciation reward” ahead of the ride-hailing giant’s initial public offering.
The company announced in a Securities and Exchange Commission filing published on Friday that it would pay around $300 million (R4.4 billion) to its more than 1.1 million drivers worldwide. It expects to make the payments on or around April 27.
“To acknowledge drivers who have participated in our success, we are paying a one-time cash driver appreciation reward to qualifying drivers in jurisdictions where we operate through owned operations,” Uber said in the filing.
Uber South Africa said in a statement: We have no announcement for SA at this stage. (It) will be communicated at a later stage.”
In the US, drivers will receive one of six different cash rewards based on the number of Uber trips they’ve completed. Drivers are in line to earn $100 for making at least 2,500 trips, $500 for at least 5,000 trips, $1,000 for at least 10,000 trips, and $20,000 for at least 20,000 trips.
The largest reward – for 40,000 trips – is $40,000.
To qualify for the reward, drivers must have completed at least 2,500 Uber trips, including one this year as of April 7, and their account must be in good standing. Payouts to non-US drivers will be adjusted to reflect different average hourly earnings across regions.
Uber is also giving its drivers a chance to buy its stock before the general public. It has reserved 5.4 million shares for drivers through a directed share program. Drivers who qualify for the driver-appreciation reward will be able to buy those shares at the IPO price, which Uber expects to be between $44 and $50 a share.