India’s IT services companies tumbled on Friday after two U.S. Congressmen re-introduced a bill to curb the use of H1-B visas, a type of work visa for professionals. The new bill requires the annual salary of applicants to be at least $100,000, up from $60,000 currently, and eliminates a Master’s degree exemption. In other words, you’ve got to be highly educated and paid to be eligible for the H1-B visa.
Could this be the start of preventing companies from using H1-Bs as cheap indentured servants?