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Investing.com -- New York City announced new minimum-pay rules for rideshare drivers on Friday, finalizing a 5% increase instead of the initially proposed 6.1% boost after opposition from Uber Technologies Inc (NYSE:UBER) and Lyft Inc (NASDAQ:LYFT).
The regulations, developed by the city’s Taxi and Limousine Commission (TLC), also include measures to prevent the companies from locking drivers out of their apps as a cost-control strategy. The TLC board of commissioners will vote on these new rules on June 25.
Uber began randomly restricting driver access to its platform in May last year, with Lyft subsequently adopting similar practices.
New York’s pay structure stands out because it compensates drivers not only for time spent with passengers but also for periods when drivers are traveling to pickup locations and waiting for new ride assignments.
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