Uber, Lyft drivers actually earn less than minimum wage, MIT survey suggests

Minimum wage jobs bring home more profit than working for Uber or Lyft, according to an analysis by the Massachusetts Institute of Technology.

Median profit for Uber and Lyft drivers is $3.37 per hour before taxes, according to a survey of over 1,100 drivers by the MIT Center for Energy and Environmental Policy Research.

The data, published in a research brief, found that 74% of drivers earn less than the minimum wage in their state. About a third of drivers are actually losing money when factoring in vehicle expenses, researchers said.

"This paper provides one of the first detailed estimates of ride-hailing profit," researchers said. Survey questions focused on self-reported revenue, mileage, vehicle choices, operational cost parameters for insurance, maintenance, repairs, fuel and depreciation.


Source : usatoday