Uber Technologies Inc. and Lyft Inc. tumbled after the Biden administration issued a proposal that could change the way it approaches workers’ employment status. Know more:
Uber Technologies Inc. and Lyft Inc. tumbled after the Biden administration issued a proposal that could change the way it approaches workers’ employment status, a move that could upend the ride-hailing companies’ business models that rely on millions of gig workers.
The Biden administration’s proposal lays out a new assessment for workers’ status that will consider multiple factors, including how “economically dependent” a person is on a company, the opportunity for profit or loss, and whether the work is integral to the employer’s business, among other criteria, to determine whether the person is truly in business for themselves.
The proposal could take several months to finalize and effectively reverts back to the guidelines adopted by the Obama administration, which relied on a broader definition to assess employee status. There will be a 45-day public comment period on the proposal once it’s published on Thursday. After it goes into effect, the rule wouldn’t mandate companies to reclassify workers outright, but would be the new interpretation for how the Fair Labor Standards Act should be applied.
The proposal Tuesday “is hardly controversial,” said Richard Reibstein, co-head of Locke Lord’s independent contractor compliance and misclassification practice, who represents employers. He wrote in a blog post that the proposal “does little more” than formally rescind a business-friendly test outlined by the Trump administration and restore an approach that considers the totality of circumstances.
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