Lyft CEO Logan Green. Photo by Noam Galai/Getty Images for TechCrunch, under Creative Commons license

According to a regulatory filing with the U.S. Securities and Exchanges Commission (SEC), ride-hailing company Lyft is laying off 982 employees and has already furloughed about 288 employees and is also instituting salary cuts for all of its headcount. As part of cost reductions amid a severe business slowdown due to the coronavirus pandemic, beginning May 2020, Lyft’s senior leadership will take a 30% pay cut, its vice presidents a 20% pay cut, and a 10% pay cut for all other employees. All members of Lyft’s board have also agreed to forego 30% of their cash compensation for the second quarter of 2020.

Lyft’s job cuts happen to come on the heels of its competitor Uber reportedly considering to cut 20% of its workforce. Lyft’s own layoffs amount to 17% of its workforce. According to Lyft, it’ll incur costs of between $28 million to $36 million primarily related to employee severance and benefits costs due to the job cuts.