By Anjali Sharma
WASHINGTON – According to JP Morgan Chase on Wednesday said that the new USD 100,000 application fee for H-1B visas imposed by the US administration could cut immigrant work authorizations by as many as 5,500 each month.
JPMorgan Chase economists, Abiel Reinhart and Michael Feroli, said while the number may seem “fairly small” compared to the overall US labour market, adding that technology firms and Indian workers would face the most impact.
Bloomberg reported of the 141,000 H-1B petitions approved for new employment last year, roughly 65,000 were processed abroad. These cases, economists noted, are most vulnerable to the new fee.
“If all of them were to stop, it would reduce work authorization for immigrants by up to 5,500 per month, unless immigrants are able to use other visa categories to get employment,” the economists wrote.
Computer-related jobs made up nearly two-thirds of H-1B approvals in fiscal 2024.
The data, computer-related roles made up two-thirds of H-1B approvals in FY24, with half of the petitions tied to professional, scientific, and technical services. Around 71 per cent of approved petitions were for Indian nationals.
US hiring has slowed sharply, with employers adding just 29,000 payrolls per month on average over the past three months, it noted.
Federal Reserve Chair Jerome Powell also said that this slowdown reflects weaker supply and demand for workers, partly due to lower immigration.
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