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.