Currently, there are about 80,000 ride-hailing drivers in New York City working for four companies.  -  Photo via Uber.

Currently, there are about 80,000 ride-hailing drivers in New York City working for four companies.

Photo via Uber. 

New York City's Taxi and Limousine Commission voted today to approve a minimum pay formula for Uber, Lyft, and other ride-hailing drivers, CNN reports

The minimum wage, the first such pay rate for ride-hailing drivers in the U.S., is expected to raise the average driver's pay by $9,600 annually. The formula sets a minimum take-home wage of $17.22 per hour, in addition to the possibility of earning "shared ride" bonuses for picking up and dropping off carpool passengers.

Critics of the minimum wage mandate, mainly ride-hailing companies, say that the proposal will make rides more expensive. 

Currently, there are about 80,000 ride-hailing drivers in New York City working for four companies. The proposal is set to go into effect in 30 days. 

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