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.