Uber Loses Lawsuit In UK, Now Have To Admit Drivers As Employee

Uber loses lawsuit in the UK,  now have to admit drivers as an employee, know what will be its effect.

Uber Inc, a US-based mobile app-based cab service, has lost a lawsuit in the UK with its drivers.

In such a situation, she will no longer be able to place her drivers in the self-employed category in the UK. The UK Supreme Court has ordered the company to consider its drivers as employees of the company.

The Supreme Court has said that Uber will have to provide minimum wages to its drivers, payment of salary while sick, and facilities like holidays.

This decision of the court will increase the pressure of the company to treat its drivers the same way around the world.

Some Uber drivers had claimed before the company that they should be considered employees, not self-employed. They should be given all the basic facilities described for UK employees under UK law.

The Supreme Court in its judgment said that as long as Uber drivers are active on the mobile app, the company will have to consider them as employees.

It is noteworthy that a legal battle was going on between Uber and a group of drivers over the issue for the last 5 years.

Earlier, the UK Employment Tribunal, the Employment Appellate Tribunal, and the Appellate Court have also upheld the drivers’ side of Uber in this case.

This court decision can have a major impact on Uber’s business worldwide. Following the decision, Uber shares lost one percent in pre-market trading.

India’s foreign exchange reserves fall, gold reserves increase, know what are the figures

The country’s foreign exchange reserves fell by $ 249 million to $ 583.697 billion for the week ended February 12. This information is given in the data released by the Reserve Bank of India (RBI) on Friday.

It had declined by $ 6.24 billion during the previous week, after which it was down to $ 583.945 billion.

Foreign exchange reserves crossed $ 500 billion for the first time during the week ended June 5 last year and crossed $ 550 billion during the week ended October 9.

Fall in FCA

Foreign currency assets (FCA) declined during the week ended February 12, reflecting foreign exchange reserves data. Foreign currency assets constitute a significant portion of the total foreign exchange reserves.