'Reckless' H1-B fee increase to negatively affect IT sector; Microsoft, JP Morgan Issue -richtieijn - How the industry reacts

As US President Donald Trump signed on Friday and the executive order to impose a $ 100,000 fee on H-1B visa applications, industry leaders and US lawmakers have criticized the move as “reckless” and noticed that it will have a “big negative” on the IT industry. What did Trump say? On Friday, Trump signed the proclamation’s restriction on the entry of certain non -immigrant workers who restrict the entry into the US from the workers whose H1B requests are not accompanied or supplemented by a $ 100,000 payment. “The H-1B-not-immigrant visa program was created to bring temporary workers to the United States to perform additional, high skilled functions, but it was deliberately used to replace US workers with lower paid, lower skilled labor,” Trump said in the proclamation. “The abuse of the H-1B program is also a national security threat. Domestic law enforcement agencies have identified and investigated H-1B dependence on outsourcing enterprises for visa fraud, conspiracy to wash money … and other illegal activities to encourage foreign workers to encourage the United States,” he said in the proclamation. ‘Will affect the IT sector nine-wise …’ Congressman Raja Krishnamoorthi told Pti, the fee hike is a ‘reckless attempt to repel America from workers with a high skill that has long strengthened our workforce, fueled innovation and helped to employ millions of Americans. He pointed out that many H-1B holders become citizens and later businesses begin to create more work, he adds: “While other countries are chasing to attract global talent, the United States must strengthen its workforce and modernize our immigration system-not erecting our economy and security.” Former President Joe Biden adviser Ajay Bhutoria said the fee increase would have a ninth impact on the technical sector. “The H-1B program, a lifeline for innovation that has attracted the best talent from all over the world, has faced unprecedented obstacles with this massive leap of the current $ 2,000 and $ 5000 fee, which will crush small businesses and startups of different talent,” Bhutoria told PTI. In addition, Khanderao Kand of the Foundation for India and Indian Diaspora Studies (FIIDs) called the decision as an ‘unfortunate’ one that could have a ‘very negative’ impact on the US technology industry. “The 100K fee for H1BS is a very unfortunate policy with a major negative impact on the business, especially the software/technology industry, as well as the US trained voice talent who are already struggling as a result of the negative impact of AI and rates. He said, as reported by Ani. How do businesses react? Meanwhile, companies such as Microsoft and JP Morgan have already issued a richtly for their employees. Microsoft asked H-1B and H-4 visa holders, which are currently outside the United States, to return to the country before the deadline of September 21. JP Morgan, on the other hand, asked the H-1B visa holder to avoid international travel to further guidance. Many large US technology, banking and consulting companies refused to comment or did not respond immediately to requests for comment. Shares of Cognizant Technology Solutions, an IT service business that relies on H-1B visa holders on a large scale, closed almost 5%. US-listed shares of the Indian technical firms Infosys and Wipro closed between 2% and 5% lower.