Trump boosts cost for skilled labor visas to a hefty $100,000 - Increase in Skilled Worker Visa Costs to Reach $100,000 Under Trump's Proposal
The U.S. tech sector is facing a significant challenge with the increase in the fee for H-1B visas, a common route for recruiting skilled workers from abroad. The fee for these visas has risen to $100,000, a move that could potentially impact the sector's ability to fill crucial positions.
This issue is not addressed by the newly announced 'Gold Card' residency program. Despite being signed into law by President Donald Trump earlier this year, the Gold Card program is a separate initiative and does not specifically target workers from India, a country that supplies a large portion of H-1B visa recipients, particularly in the tech sector.
The Gold Card residency program comes with a hefty price tag, with individuals required to pay $1 million for the residency and an additional $2 million if their employer sponsors their application. This high cost could make it inaccessible for many tech workers, exacerbating the existing shortage of skilled labour in the sector.
Tech entrepreneurs, including Elon Musk, a prominent figure in the industry, have voiced their concerns about the lack of people in the U.S. to fill crucial positions in the tech sector. Musk, who was once an ally of Trump, has warned against targeting H-1B visas, arguing that there are simply not enough people in the U.S. with the necessary skills to fill these roles.
Major U.S. companies, such as tech giants like Amazon, Meta (Facebook), Microsoft, and financial institutions like JP Morgan, heavily rely on Indian workers through the H-1B visa program. With the introduction of the Gold Card residency program, these companies could face challenges in attracting and retaining the talent they need to remain competitive.
Approximately three-quarters of H-1B visa recipients are from India, highlighting the heavy reliance of the U.S. tech sector on foreign workers. The Gold Card residency program, while not directly related to the H-1B Specialty Worker Visa, may indirectly impact the sector if it fails to address the shortage of skilled labour.
Despite these concerns, President Trump remains optimistic about the Gold Card program, believing it will be a great success. However, the impact of this new immigration initiative on the U.S. tech sector remains to be seen. As the situation develops, it is crucial for policymakers to consider the potential consequences and work towards solutions that benefit both the industry and the broader U.S. economy.
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