Trump to Impose $100,000 Charges for Skilled Foreign Worker Visas
In the world of technology and staffing, the H-1B visa has been a crucial resource for employers seeking highly skilled foreign workers. This non-immigrant work visa, issued by the United States, allows American employers to hire foreign workers in specialty occupations requiring at least a bachelor's degree or equivalent.
The H-1B program has been under scrutiny due to its role as a pipeline for overseas workers, often willing to work for wages lower than those typically paid to US technology workers. Over the years, it has been a subject of debate, with critics arguing that companies use H-1B visas to overlook Americans for jobs.
Historically, H-1B visas have been doled out through a lottery system, with an annual cap of 85,000 visas, including 20,000 for those with U.S. master's degrees or higher. However, this system has been a point of contention, leading to instances where qualified American workers may miss out on opportunities.
Recently, the US President, Donald Trump, is preparing to sign a proclamation that will require a $100,000 application fee for H-1B visas, marking a significant shift in the program's fee structure as part of a broader immigration crackdown.
The H-1B program has had a significant impact on the tech industry, with countries like India and China being the largest beneficiaries. Last year, India accounted for 71% of approved H-1B beneficiaries, while China followed closely with 11.7%. This trend was evident in the case of Melania Trump, who was granted an H1-B work visa in October 1996 to work as a model.
The H-1B visa program has been essential for technology and staffing companies who rely on foreign workers. However, the ongoing debate surrounding the program's impact on American workers and the potential changes in its fee structure and application process are issues that continue to shape the tech industry landscape.
On a separate note, shares of IT services company, Cognizant Technology Solutions Corp, fell by over 5% on Friday. Whether this trend is linked to the H-1B visa program or other factors remains to be seen.
