– Money-Losing Uber Says It “Mistakenly” Underpaid…

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http://www.brotherjohnf.com/money-losing-uber-says-mistakenly-underpaid-nyc-drivers/ – Money-Losing Uber Says It “Mistakenly” Underpaid NYC Drivers. —

zerohedge.com / by Tyler Durden / May 23, 2017

After recently promising to take steps to boost drivers’ wages, Uber Inc. has admitted that, over the last two-and-a-half years, it “mistakenly” underpaid drivers in New York City.

The company claims it came forward voluntarily after discovering the issue, which, considering how the company has seemingly bounced from one PR crisis to the next, is probably a smart move. Uber’s highly-paid communications team has hopefully learned by now that sometimes it’s better to get out ahead of the story – because then you can shape it on your own terms. A few months back, the company announced that it had – again, “mistakenly” – underpaid drivers in Philadelphia.

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Uber is, somewhat expaseratingly, the most highly valued startup in the world with a valuation of nearly $70 billion, even though it lost nearly a billion dollars in the fourth quarter of 2016, and has been called “a cash-burning machine” by one analyst who saw its books.

Here’s how it happened, according to WSJ:

“Under the terms of its November 2014 nationwide driver agreement, Uber was meant to take its commission, generally 25%, from U.S. drivers based on fares after any taxes and fees were deducted. Uber said that, instead, in New York City it calculated a higher cut using the full fare before accounting for sales tax and a local injury-compensation fund fee.

Uber told The Wall Street Journal it would refund the money plus interest, which comes to an average of about $900 per driver.”

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The post Money-Losing Uber Says It “Mistakenly” Underpaid NYC Drivers appeared first on Silver For The People.

–(Published @ May 24, 2017 at 08:50AM by www.bitcoins.am™ Instant Real-time Bitcoin News Aggregation Source- From: ) #bitcoinnews

Money-Losing Uber Says It “Mistakenly” Underpaid NYC Drivers – Silver For The People
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