Explainer-How a U.S. rule on independent contracting will affect workers, businesses

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The Department of Labor Proposal a Case of Deja  Vu for Uber and Lyft Says Analyst

October 12, 2022 1:31 PM EDT

The US Department of Labor (DOL) issued a proposal on Tuesday that broadens the framework and may classify gig economy workers, for example, Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) drivers, as employees rather than contractors.

The proposal widens the framework to determine whether workers under the FSLA are classified as employees or Independent Contractors (IC) at the Federal level.

Following the news, Citi analyst Ronald Josey said in a note that it potentially accelerates the path to a third classification of... More