Investing
New NYC delivery minimum wage proposal aligns with multi-app approach – Citi
© Reuters. New NYC delivery minimum wage proposal better aligns with multi-app approach by couriers – Citi
By Sam Boughedda
Citi analysts said Wednesday that the new NYC delivery minimum wage proposal aligns better with how app-based companies currently pay couriers.
Earlier today, the NYC Department of Consumer and Worker Protection reduced its proposed minimum wage rates for app-based restaurant couriers and included an alternative method of calculating rates based on trip time, the analysts explained.
They added that after accounting for the changes, the newly proposed minimum rates are now ~16% less for 2025 and ~6% less for 2024 vs. the original proposal.
Citi sees it as an encouraging development and believes Uber (NYSE:), DoorDash (NYSE:), and Just Eat Takeaway (AS:) “appear confident they have levers to mitigate changes to courier pay to ensure minimal impact to overall profitability.” They reiterated a Buy rating on all three stocks.
“The next important date will be a public hearing on April 7th, suggesting implementation by June, at the earliest,” the analysts stated.
Read the full article here
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