Market Chatter: Uber Seeks to Cut New York City Drivers' Base Pay Rate

MT Newswires Live03:00

Uber Technologies (UBER) plans to propose a 6.1% reduction in how much it pays drivers in New York City to make rides more affordable in light of falling gasoline prices, Bloomberg reported Monday.

The ride-hailing firm is looking to make the proposal in a letter it plans to deliver to the city's Taxi and Limousine Commission, which sets minimum driver pay, Bloomberg reported, citing the contents of the message.

If approved, the per-mile base pay rate for NYC drivers would go down to $1.277 from the current $1.360, the report said. Uber will maintain the per-minute rate of $0.583 and is not seeking changes to the figure, the report added.

Uber and the Taxi and Limousine Commission did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 73.53, Change: +0.28, Percent Change: +0.38

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