Its gathered that, Uber is set to IPO on May 8, and it promises to be among the most significant IPOs of the season.
Investors will be happy to see the outcome of the process. Although, the drivers themselves are not happy about the issue.
Uber drivers in seven cities are planning to strike on that same day, with drivers in San Francisco planning to protest in front of the Uber offices.
The drivers have good reason to be frustrated, due to the fact that, their median pay when you take out their gas and other expenses is as little as $8.55 per hour, which is well below minimum wage in many cities.
Some drivers even lose money. So as part of their protests, Uber drivers are demanding: living wage pay, transparency in the company’s decision-making process, benefits, and a say in company decisions. This is ridiculous. Lol…
The strike should come as no surprise. Earlier this month, Uber and Lyft drivers claimed that companies are starting to charge rider for surge pricing, but drivers themselves are not getting paid more.
Data reveal that participating in the gig economy is far from efficient or lucrative, but many participate anyway, either out of ignorance or out of desperation.
Many surrender their rights as workers by signing on as an independent contractor, which the New York Times has pointed out makes side hustles a tax nightmare. And now, drivers aren’t even getting what they were promised.