Uber and Lyft to pay NYC drivers more by end of year

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Uber and Lyft will have to raise the minimum pay rates for drivers in New York City, according to Engadget. The fare increase coincides with a post-pandemic driver shortage that is largely caused by rising operational costs.

The city’s Taxi and Limousine Commission (TLC) decided to raise the per-minute and per-mile rates for drivers of ride-hailing services by 7.42% and 23.93%, respectively. By the end of this year, rates for yellow and green cabs will also rise by 23%. In order to meet rising passenger demand, the commission anticipates that raising pay rates will encourage more taxis and drivers to hit the roads.

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Uber and Lyft to pay NYC drivers more by end of year

Uber and Lyft will have to raise the minimum pay rates for drivers in New York City, according to Engadget. The fare increase coincides with a post-pandemic driver shortage that is largely caused by rising operational costs.

The city’s Taxi and Limousine Commission (TLC) decided to raise the per-minute and per-mile rates for drivers of ride-hailing services by 7.42% and 23.93%, respectively. By the end of this year, rates for yellow and green cabs will also rise by 23%. In order to meet rising passenger demand, the commission anticipates that raising pay rates will encourage more taxis and drivers to hit the roads.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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