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Uber cab drivers in New York are raking in near-six-figure salaries—about triple the amount their traditional taxi driver counterparts make, according to an article in The Washington Post.
According to the Bureau of Labor Statistics, New York cab drivers make about $32,000 a year. Uber claims the average salary for its drivers in the same city is above $90,000, presumably after the company takes its 20 percent cut from the driver's total fares. That number does not account for vehicle maintenance costs and such, but it may still explain why 20,000 drivers sign up with Uber every month, according to the company.
Read MoreUber seeking$12 billion valuation
Smartphones deserve some of the credit. UberX drivers rely on them for leads, so they do not have to drive around hoping to be in the right place at the right time for a fare.The company claims it can serve 43 percent of the U.S. population with a cab in less than five minutes. Uber also packs mechanisms into its app that allow both drivers and passengers to rate each other. The Post's Matt McFarland thinks such a simple measure may make longstanding taxi regulation schemes in some U.S. cities unnecessary.
Read the full story in The Washington Post.