Uber and Lyft drivers plan a protest May 8 where, according to CBSNews, drivers will turn off the application and stop taking rides for 24 hours in an attempt to force higher wages.

The date of the protest lines up with Uber going public, nearly a month after rival Lyft did the same. The Uber debut is expected to mark one of the largest in history, instantly making current and former employees very wealthy.

"We provide an essential service, but Uber and Lyft investors are the only ones reaping the benefits," Karim Bayumi, a Lyft driver who usually works at the airport, said in a statement provided to CBSNews.

Those participating in the protest are looking for a minimum wage of $28 per hour, which they say calculates to $17 when taking into account gas, tolls, and other expenses.

"We need a minimum per hour rate to compensate for the fact that we sometimes miss out on bonuses," Sinakhone Keodara, a Lyft driver in Los Angeles, said to CBS.

The wage increase would mirror rules put in place in New York City — a ruling Lyft filed a lawsuit against but Uber did not contest.

"If they are able to do that in New York, they should be able to do it in Los Angeles and the rest of the country," Ridshare Drivers United organizer Brian Dolber told CBS MoneyWatch. "I did drive part-time for a short period when I was an adjunct professor, so I know what it's like to rely on the gig economy to try to make ends meet."

The protest is expected to take place in Los Angeles, Boston, Chicago, Minneapolis, Philadelphia, San Diego, San Francisco, and Washington, D.C.

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