The H-1B visa program for skilled foreign workers depresses wages in the tech sector by about 6%, says a new report from NYU Stern and Penn’s Wharton School of Business.
Hardest hit: Recent college grads and people changing jobs.
The two business schools claim to have completed their study by analysing 156,000 jobs spread out over 7,500 publicly held U.S. firms.
Normally, we’d expect the study to add fuel to the growing opposition to the program, which recently emerged as a hot-button issue amidst widespread tech company layoffs.
But this year with the H-1B quota going unfufilled, there doesn’t seem much left to protest. And that’s not to say that companies would increase their IT budgets and salaries if they couldn’t hire cheaper, foreign labour, either.