We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
UBER Agrees to Provide U.K. Drivers With Worker Benefits
Read MoreHide Full Article
Uber Technologies, Inc. (UBER - Free Report) is reclassifying its 70,000 U.K. drivers as workers, entitling them to a guaranteed minimum wage, holiday pay and pensions. The move follows its defeat in the U.K. driver classification case, wherein the Supreme Court ruled last month that its drivers are workers.
Under the U.K. law, classifying drivers as workers is, however, different from categorizing them as employees, who have greater privileges.
Uber stated that the Supreme Court ruling provided a “clearer path forward as to a model that gives drivers the rights of worker status while continuing to let them work flexibly”.
Following this reclassification, Uber drivers will receive a minimum wage of £8.72 an hour, for those aged 25 years and above, with effect from Wednesday. However, this minimum wage will be paid only when they accept a trip request and not during the time they spend waiting for people to book rides. Uber defended this stance saying that it is not possible for the company to know for certain whether the drivers are actually working during that period of time.
Apart from minimum wage, Uber drivers will receive holiday pays based on 12.07% of their earnings, on a fortnightly basis. Drivers will also be enrolled into a pension plan. Among other privileges, drivers will have the freedom to choose if, when and where they drive.
Shares of Etsy, Facebook and Dropbox have rallied more than 400%, 90% and 67% in a year’s time, respectively.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Image: Bigstock
UBER Agrees to Provide U.K. Drivers With Worker Benefits
Uber Technologies, Inc. (UBER - Free Report) is reclassifying its 70,000 U.K. drivers as workers, entitling them to a guaranteed minimum wage, holiday pay and pensions. The move follows its defeat in the U.K. driver classification case, wherein the Supreme Court ruled last month that its drivers are workers.
Under the U.K. law, classifying drivers as workers is, however, different from categorizing them as employees, who have greater privileges.
Uber stated that the Supreme Court ruling provided a “clearer path forward as to a model that gives drivers the rights of worker status while continuing to let them work flexibly”.
Uber Technologies, Inc. Price
Uber Technologies, Inc. price | Uber Technologies, Inc. Quote
Following this reclassification, Uber drivers will receive a minimum wage of £8.72 an hour, for those aged 25 years and above, with effect from Wednesday. However, this minimum wage will be paid only when they accept a trip request and not during the time they spend waiting for people to book rides. Uber defended this stance saying that it is not possible for the company to know for certain whether the drivers are actually working during that period of time.
Apart from minimum wage, Uber drivers will receive holiday pays based on 12.07% of their earnings, on a fortnightly basis. Drivers will also be enrolled into a pension plan. Among other privileges, drivers will have the freedom to choose if, when and where they drive.
Zacks Rank & Key Picks
Uber carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Internet - Services space are Etsy, Inc. (ETSY - Free Report) , Facebook, Inc. and Dropbox, Inc. (DBX - Free Report) , each cayying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Etsy, Facebook and Dropbox have rallied more than 400%, 90% and 67% in a year’s time, respectively.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>