US government likely to double minimum salary of H-1B visa holders
Washington: American lawmakers on Tuesday presented proposal for revision of the guidelines for H-1B visa, which is used to hire foreign workers for the high-skilled jobs in the United States.
According to the new proposal, the minimum salary of those holding H-1B visas should be doubled to $130,000 per annum. This move has apparently been taken to make it difficult for the American tech giants to hire foreign workers, including Indians.
After the proposal was presented, the IT stocks fell by 9 per cent on Tuesday, with the top five Indian IT firms losing Rs 50,000 crore in the market value.
President Donald Trump is also most likely to sign the proposal for revisions making it very tough for the Indian firms to get the H-1B visa.
The proposed reforms are being looked as a part of a larger immigration reform effort undertaken by newly-elected US President Donald Trump to make it even tougher for foreign workers to get H-1B visa.
After the passage of the executive order, which is expected to get green signal this week, the US government is expected to review all the regulations that permit the foreign nationals to work in the US and which of those regulations are against the immigration laws or are not in the national interest of America.
"Our country's immigration policies should be designed and implemented to serve, first and foremost, the US national interest. Visa programs for foreign workers should be administered in a manner that protects the civil rights of American workers and current lawful residents, and that prioritizes the protection of American workers - our forgotten working people - and the jobs they hold," reads the draft proposal of Donald Trump.
H-1B visa is allotted to only to those foreign nationals having higher education in fields like scientific research, engineering or computer programming. The US government so far gives a minimum of $65,000 every year to such foreign employees.