Posted on 03/18/2021 9:30:12 PM PDT by BenLurkin
It comes weeks after the country’s Supreme Court upheld a ruling that its drivers were workers, not independent contractors. While the decision applied to a small group of drivers, thousands more have taken action against the company. And experts have warned it could have major implications for the broader gig economy.
For Dan Ives, managing director of equity research at Wedbush Securities, the move represents a “gut punch” for Uber’s prospects in the U.K.
“We believe the company will reduce its footprint of drivers and ridesharing by roughly 30% over the next 12 to 18 months,” Ives told CNBC via email Wednesday.
Bank of America estimates that Uber’s U.K. employment rights setback could cost the firm a total of more than $500 million.
(Excerpt) Read more at cnbc.com ...
The freedom contract work provided, made driving an Uber a good job. Now that they’re employees, there will be fewer Uber drivers, and they won’t like their job as much.
Actually in many countries, Uber and Grab ARE de-facto taxi companies. Nothing independent about the drivers at all.
Only way for a driver to drive for Uber is to lease a car from a service that is allowed to operate as Uber.
READ LATER.
It will be like the grey cab rule. Those black cab rules aren’t relevant any more
Biden’s puppeteers are planning that for all of the independent contractors here in the US.
It’s called the PRO Act. It already passed the House. It will screw me big time.
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