U.S companies pay the most competitive salaries to H1B workers. The United States Citizenship and Immigration Services (USCIS) received over 300,000 visa applications in 2022, depicting economic recovery post-pandemic and businesses seeking a talented workforce.
H1B is a temporary non-immigrant visa that permits U.S-based employers to hire foreign workers for specialty jobs. An overseas national must work in a domain that demands specialized knowledge because of the lack of qualified U.S. workers for the specific role.
As per the American think tank Cato Institute, H1-B visa holders receive the highest salary packages. They are one of the highest-paid workers in the United States. The report also suggested that the paycheques received by H1B workers are in the top ten percent of what the U.S workforce typically earns in a year. The median wage of U.S. workers in 2021 was approximately $45,000, whereas the top 10% of workers in the U.S earn about $102,000. The median salary for H1-B visa holders in 2021 was $108,000, which is twice the median wage earned by U.S workers.
The wage growth for the H1B visa holders has surpassed all U.S workers’ average increase by 52% since 2003. At the same time, the nominal median wage grew only by 32%.
Over the years, the H1B visa has gained popularity among Indian IT professionals, despite the annual cap remaining the same for many years. The demand for this visa among Indians seeking a new life in America is relatively high. Also, many tech companies in the U.S are at the forefront of securing H1-B visas for their workers.
Several critics often point out that H1B workers are usually paid less, and the major tech companies exploit the program to pay foreign workers salaries below the average market standards. But, a recent study proved this claim wrong. H1B workers get handsome salary packages with the 90th percentile of all wages received by the U.S. workforce. H1B visa holders are well-qualified individuals and are not underpaid compared to their U.S counterparts.
A researcher at Cato Institute, David J Bier, said that U.S companies must not underestimate the H1B visa holders and their benefits to the U.S economy. The program is also a promised pathway to permanent residency in the United States for thousands of migrants who wish to enter the U.S workforce.
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