Trump restructures H-1 visa program
This is a big one for the big tech. Everything will end in 27 days after the election. Yes, Trump restructures H-1 visa program which has benefited many Asian techies.
The Trump administration has drastically overhauled the H-1B visa program that U.S.-based companies rely on to bring in highly skilled foreign workers. Under the new regulations, which come into effect from Thursday, companies must pay "significantly higher wages" to foreign candidates. Further, the list of qualifying degrees for the visas will be tightened, and some visa lengths also shortened. The changes will almost certainly make it more difficult to qualify for the visas. Trump argues the restrictions will ensure American workers are not undercut by overseas workers earning lower wages "to perform similar jobs."
But no one can blame the president as he needs to find ways to deal with a K-shaped recovery in the nation.
The economic recovery from the pandemic may have two tracks: Some workers, areas and businesses are resilient or even growing, while the rest are in a "deep decline," The Wall Street Journal reports. In this "K" shaped recovery, well-educated, well-off people, those linked to the digital economy, certain cities or domestic necessities are thriving — just as low-wage workers, areas tied to tourism or big gatherings and old-line businesses face years-long setbacks. The split comes as U.S. household wealth is near a record high, but millions of jobs have been lost. (LinkedIn)