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Lyft unveils improved pay measures to attract more drivers
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Lyft unveils improved pay measures to attract more drivers
Oct 8, 2024 7:02 AM

Oct 8 (Reuters) - Lyft ( LYFT ) said on Tuesday it would

boost earnings for drivers by paying more for going out of their

way for a ride and for trips that are at least five minutes

longer than estimated as the ride-hailing firm looks to grow its

supply of drivers.

The company would also roll out new tools such as a new

earnings dashboard, "preferred drivers" getting more requests

and the ability for electric-vehicle drivers to get matched with

rides that fall within their battery range.

"We have about 1.3 million or so drivers over the last year

that have been on the platform. We've seen pretty tremendous

growth year over year ... Our goal is to continue to grow that,"

Jeremy Bird, EVP of driver experience at Lyft ( LYFT ), told Reuters.

Lyft ( LYFT ) has been pursuing strategies to gain ground in a

fiercely competitive U.S. ride-hailing market dominated by Uber ( UBER )

by attracting passengers with competitive pricing and

implementing programs to recruit and retain drivers.

The company will now display the estimated hourly rate for

each ride to help drivers decide if a ride is worth their time.

This, along with features such as the "preferred driver"

program for high-performing drivers and specific pay for delays

and out-of-the-way trips, is not matched by Uber ( UBER ).

In the three months ended June, Lyft ( LYFT ) saw the most new

drivers in any quarter since 2019, including 34% more women and

non-binary drivers compared to the same period a year earlier.

Lyft ( LYFT ) earlier this year had assured drivers would earn at

least 70% of fares each week, a first for the U.S. ride-hailing

industry.

The company also said on Tuesday it has partnered with Merit

America to enable drivers to take on free courses and with

Stride Health to help them find lower-cost health insurance.

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