NYC Sets Smaller Driver Pay Bump After Uber, Lyft Pushback

New York City on Friday announced new minimum-pay rules for rideshare drivers, settling on a smaller-than-proposed 5% increase following pushback from Uber Technologies and Lyft. From a report: An earlier proposal called for a 6.1% pay boost. The finalized regulations from the city's Taxi and Limousine Commission, or TLC, are also designed to deter Uber and Lyft from locking gig workers out of their apps in an attempt to keep costs down. The board of commissioners will vote on the rules on June 25, according to the agency's website.

Uber and Lyft had strongly opposed the original rate, warning customers that it would force them to increase prices. Lyft's shares extended declines after Bloomberg reported on the rules, falling as much as 3.3% to hit session lows. Uber's stock, which had been up as much as 2.3% earlier Friday, pared most of its gains on the news.

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