The new wage requirements willcreate an incentive for companies to increase the number of tripsthat each driver takes per hour.

New York City's Taxi and Limousine Commission voted Tuesday toset a minimum wage for Uber and Lyft drivers, markingthe first time a government in the U.S. has imposed wage rules on ride-hailing companies.

Under the new rules, which go into effect in January, companiesare required to pay drivers $26.51 an hour in gross pay, or $17.22after expenses. That's slightly higher than the $15 minimum wagethat the city requires all employers to adhere to by the end ofnext year, but is considered equivalent because drivers areindependent contractors. About 85 percent ofride-hailing drivers currently make less than the minimum,according to an independent analysis commissioned by the TLC. Forthose drivers, the new wages will amount to an average annual payraise of more than $6,300.

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