Uber awaits crucial UK Supreme Court ruling which could jeopardize its business model

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Uber is awaiting a ruling from the U.K.'s Supreme Court on whether its drivers should be classified as employees rather than independent contractors.

Uber says it's improved over time with respect to the treatment of its drivers, introducing benefits like insurance to cover illness or injury and maternity and paternity payments. But lawyers representing the drivers say the firm has an employer-employee relationship with drivers and should therefore pay them a minimum wage.

The Supreme Court will make its verdict on Friday at around 9:45 a.m. London time. The judgment will beFriday's ruling could have huge long-term consequences for Uber and the U.K.'s gig economy, which has an estimated workforce of 5.5 million people. Pinar Ozcan, professor of entrepreneurship and innovation at Oxford University's Saïd Business School, told CNBC last year that the case was an example of "another showdown of the power struggle between platforms and their members."

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