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 Drivers to Get Guaranteed Pay as Per New Washington Law
Read MoreHide Full Article
Uber Technologies’ (UBER - Free Report) drivers in Washington are set to earn as per the minimum pay standard in the state. Washington governor Jay Inslee has signed into law a minimum pay standard for ride-hail companies, making Washington the first U.S. state to do so.
Per the new law, Uber drivers across the state will earn a minimum of $1.17 per mile and 34 cents per minute, with minimum pay of $3.00 per trip, effective Dec 31, 2022. Drivers will also be provided with paid sick leave, family medical leave and long-term care programs, as well as workers' compensation when they become injured or ill on the job. Ride-hail drivers will also have the right to appeal in case they get removed from the apps.
Despite this new state law, in Seattle, WA, Uber and other ride-hail drivers will continue to earn minimum rates of $1.38 per mile and 59 cents per minute at a minimum of $5.17 per trip, as per the city’s own ride-hail pay standard set in September 2020. Apart from Seattle, New York City also has minimum pay standards for ride-hail drivers, implemented earlier.
This new Washington state law has been well accepted by ride-hail companies, including UBER. It states that ride-hail drivers are not employees and prohibits local regulatory power from imposing additional requirements for these companies, a Reuters report stated.
Uber and other ride-hail companies have long been embroiled in legal battles in the United States pertaining to their driver status. In compliance with state labor laws, they have been asked to classify their drivers as employees. Ride-hail companies have sought to retain the independent contractor status for their drivers while offering them a number of worker benefits, including a certain amount of guaranteed earnings, a healthcare stipend and accident insurance for on-the-job injuries.
Shares of Arista Networks have gained more than 80% in a year.
Apple (AAPL - Free Report) carries a Zacks Rank #2 (Buy). The company has an impressive earnings surprise history, having outperformed the Zacks Consensus Estimate in three of the preceding four quarters (in line in one), the average beat being 20.3%.
Shares of Apple have rallied more than 41% in a year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
UBER Drivers to Get Guaranteed Pay as Per New Washington Law
Uber Technologies’ (UBER - Free Report) drivers in Washington are set to earn as per the minimum pay standard in the state. Washington governor Jay Inslee has signed into law a minimum pay standard for ride-hail companies, making Washington the first U.S. state to do so.
Per the new law, Uber drivers across the state will earn a minimum of $1.17 per mile and 34 cents per minute, with minimum pay of $3.00 per trip, effective Dec 31, 2022. Drivers will also be provided with paid sick leave, family medical leave and long-term care programs, as well as workers' compensation when they become injured or ill on the job. Ride-hail drivers will also have the right to appeal in case they get removed from the apps.
Despite this new state law, in Seattle, WA, Uber and other ride-hail drivers will continue to earn minimum rates of $1.38 per mile and 59 cents per minute at a minimum of $5.17 per trip, as per the city’s own ride-hail pay standard set in September 2020. Apart from Seattle, New York City also has minimum pay standards for ride-hail drivers, implemented earlier.
Uber Technologies, Inc. Price
Uber Technologies, Inc. price | Uber Technologies, Inc. Quote
This new Washington state law has been well accepted by ride-hail companies, including UBER. It states that ride-hail drivers are not employees and prohibits local regulatory power from imposing additional requirements for these companies, a Reuters report stated.
Uber and other ride-hail companies have long been embroiled in legal battles in the United States pertaining to their driver status. In compliance with state labor laws, they have been asked to classify their drivers as employees. Ride-hail companies have sought to retain the independent contractor status for their drivers while offering them a number of worker benefits, including a certain amount of guaranteed earnings, a healthcare stipend and accident insurance for on-the-job injuries.
Zacks Rank & Key Picks
Uber carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Computer and Technology sector are as follows:
Arista Networks (ANET - Free Report) carries a Zacks Rank #1 (Strong Buy). The company’s earnings have surpassed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 7.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Arista Networks have gained more than 80% in a year.
Apple (AAPL - Free Report) carries a Zacks Rank #2 (Buy). The company has an impressive earnings surprise history, having outperformed the Zacks Consensus Estimate in three of the preceding four quarters (in line in one), the average beat being 20.3%.
Shares of Apple have rallied more than 41% in a year.