The United States of America has suspended the fast processing of the H-1B visas temporarily. According to the United States Citizenship and Immigration Services (USCIS), the suspension might last up to six months after it will be under effect on April 3.
This decision has created uncertainty in the information technology (IT) sector of India. The US has cited a backlog of applications. This move will not affect Indian software exporters like Infosys and Tata Consultancy Services (TCS) but also the multinational firms who send their engineers for different projects to the US.
Currently, a company can apply for H-1B visas for their potential employees by paying extra known as premium processing. This premium processing costs an additional $1,1225. In this case, the UNCIS revert in 15 days and if fails to do so the fee is refundable.
After April 3, the IT companies will not be able to send the employees on urgent basis for the projects in the US. From now on they have to plan their applications at least three months in advance.
The US president, Donald Trump, who recently banned the entry of people from seven Muslim countries, has planned to revamp the H-1B program in order to keep a check on the misuse of work visas.
1. CNN- http://edition.cnn.com/2017/03/04/us/h1b-visa-premium-processing-suspended/
2. BUSINESS STANDARD- http://www.business-standard.com/article/international/it-firms-in-a-fix-as-us-halts-premium-h1b-visa-processing-117030400297_1.html
IMAGE SOURCE- Twiiter
The board of Infosys Ltd, one of India’s IT giants has proposed to extend Vishal Sikka’s tenure as the Managing Director and CEO of the company, till March 2012 . Earlier, Sikka had been appointed to the post till 2019.
This recommendation comes in the light of his “outstanding contribution” and initiatives that have helped the company in reclaiming the leadership position in the industry, says the board.
Under Sikka’s leadership the company’s management is said to have drawn up the goals of margins, revenue and productivity of employees for the upcoming years, 2021-22. These goals are expected to be achieved in the following five years.
At this juncture, the board considers Sikka’s leadership to be imperative, for achieving the set goals. Hence, the nomination and renumeration committee alongwith the board recognized his initiatives and recommended the replacement of Sikka’s current contract of employment with a new one that is ” fully aligned to the period and goals as well as for shareholder value creation.”
As per reports, the term of his existing contract has been reduced from 13 June 2019 to 31 December 2016, and a brand new executive employment agreement with Sikka for his re-appointment as the Managing Director and CEO of Infosys is underway. This new contract would be in effect from 1 April 2016 until 31 March 2021.
After being hit with issues like exodus of several senior-level executives , attrition, and losing out to industry rivals like HCL technologies and Tata Consultancy Services Ltd, in terms of growth, Vishal Sikka veered the company’s position back to its lost glory.
Source: The Hindu Business Line
Image Source: Quartz India