Uber, Lyft Drop Following Policy Proposal

Uber (UBER)

Lyft (LYFT)

Joe Biden

As the Biden administration in the United States attempts to alter how drivers-for-hire are classified, businesses engaging in the “gig economy” may need to brace for a knock to their bottom lines. Shares of Uber and Lyft were declining yesterday after a new policy proposal was published.

Illustrated Uber and Lyft Services

Labor Department Submits New Regulation

On October 11th, the American Labor Department released a proposal that, if accepted, would change the gig economy’s power dynamics between employers and employees. Numerous market sectors in the United States currently classify millions of workers as independent contractors.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s