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

According to Engadget, Uber and Lyft will need to increase the minimum pay rates for drivers in New York City. A post-pandemic driver shortage, which is mostly brought on by growing operational costs, occurs at the same time as the fare hike. The per-minute and per-mile rates for drivers of ride-hailing services would increase by 7.42% and 23.93%, respectively, according to the city’s Taxi and Limousine Commission (TLC). Yellow and green cab fares will also increase by 23% by the end of the year. The commission believes that increasing pay rates will encourage more cabs and drivers to hit the roads, helping to fulfil the growing demand from passengers.

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