Uber, Lyft drivers to strike and rally ahead of Uber's IPO

Lyft Options Trader Makes Bullish Bet Ahead Of Earnings

It was unclear how many drivers would take part in the work stoppage amid strike calls in Los Angeles, Philadelphia, Boston and the USA capital city Washington. That's the ridehailing equivalent of a $15 minimum wage, accounting for the fact that drivers have to cover payroll taxes and don't get paid time off.

Lyft introduced free bank accounts and discounts on vehicle rentals and maintenance for drivers; Uber's new Uber Pro program offers drivers free online education at ASU and cash-back options on gas. Lyft said its hourly wages have risen over the last two years and on average are over $20 per hour.

The protest follows more than 100 submissions that have been made to the Victorian government's On-Demand Workforce inquiry into industries such as food delivery and ride sharing. The 2-hour strike coincides with Uber's IPO occurring the same day with drivers hoping to raise awareness of their low wages and each company's problematic labor practices.

"Wall Street investors are telling Uber and Lyft to cut down on driver income, stop incentives, and go faster to driverless cars", Bhairavi Desai, executive director of the NY association, said in a statement.

One point of contention for some Lyft investors has been the company's dual-class share structure, which gives founders outsized control of the company.

"Over 75 per cent drive less than 10 hours a week to supplement their existing jobs", Lyft said.

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Last year, Lyft had 30.7 million riders and 1.9 million drivers in more than 300 cities in the United States and Canada.

"We know that access to flexible, extra income makes a big difference for millions of people, and we're constantly working to improve how we can best serve our driver community".

Mishel also pilloried the notion that gig economy workers - independent contract or freelance workers - were becoming a significant economic force. At the top of that range, the listing would value Uber at nearly $84 billion, based on the number of shares outstanding after the offering as detailed in the filing.

"Uber and Lyft wrote in their (regulatory) filings that they think they pay drivers too much already".

So this is why the drivers striking now makes a lot of sense. People who work for multibillion-dollar companies should not have to work 70 or 80 hours a week to get by. "The success of their business models attributes, in a large part, to the independent contractor classification of their drivers". And the money-losing company is under pressure to cut costs. "With the IPO, Uber's corporate owners are set to make billions, all while drivers are left in poverty and go bankrupt". The stock launch is expected to result in a valuation for the company of about $90 billion.

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