Trump Proposes Increasing H-1B Visa Fees to a Steep $100,000 and Identifying Beneficiaries of Such Change
President Donald Trump is planning to introduce a reform to the H-1B visa program, a move that could significantly impact the technology industry and immigration policies. The proposed reform aims to address issues of exploitation and overuse of the H-1B visa program.
The reform includes a $100,000 fee for each H-1B visa issued, a substantial increase from the current $215 registration fee and $780 fee for Form I-129. This new fee structure is aimed at restricting access to the H-1B visa program and deterring exploitation.
The technology industry heavily relies on H-1B visas to fill critical roles in software development, engineering, and data science. The changes could potentially impact this industry, as companies may face increased hiring costs. This could potentially push tech firms to invest in domestic training or shift operations offshore.
Some staffing and outsourcing companies have been criticized for flooding the H-1B visa lottery system, giving them an unfair advantage. The administration believes the H-1B program is exploited through loopholes that allow companies to hire lower-paid foreign workers.
Bloomberg reports that this practice is common in the current system. The news article suggests there is an ongoing immigration crackdown, with the administration planning to direct the Labor Secretary to revise prevailing wage levels for H-1B workers.
The proposed reform is part of President Trump's plan to overhaul the H-1B visa program. The changes could potentially impact the tech industry, which heavily relies on H-1B visas to fill critical roles. The new fee and higher wage requirements could increase hiring costs for tech firms, potentially leading to a shift in hiring strategies.
The reform is expected to significantly increase costs for companies sponsoring H-1B visas. However, it is aimed at making the system fairer and more transparent, addressing concerns about exploitation and overuse of the H-1B visa program.
In a separate development, the Corporate Sustainability Reporting Directive (CSRD) is set to affect approximately 290 large, capital market-oriented companies in Germany with more than 1,000 employees. These companies will be required to publish sustainability reports along with their management reports starting from the fiscal year 2025 and have them audited by an auditor. This move is part of an ongoing effort to promote transparency and sustainability in corporate practices.
In conclusion, the proposed H-1B visa reform and the Corporate Sustainability Reporting Directive (CSRD) represent significant changes in immigration policies and corporate practices respectively. These changes are expected to have far-reaching implications for the tech industry and large corporations, and will continue to be closely monitored.
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