New Seattle Law Adds to Regulatory Challenges for Ride-share Companies Such as Uber Technologies Inc. (NYSE: UBER)
Peer-to-peer transportation pioneer Uber Technologies has found its global brand increasingly embattled during the COVID-19 pandemic amid declining ridership and increasing regulatory hurdles to its independent contractor payment model Seattle recently passed legislation imposing a sliding scale payment model on such companies to ensure drivers receive the equivalent of minimum wage, even if they are spending some down time between ride services. The law is based on a New York City decision imposed in 2018, which has shored up drivers’ sense of security but has reduced the number of drivers in use, increasing fare costs and wait times Uber is…
