As the UK government tightens visa rules to reduce immigration rates, companies like HSBC, Deloitte, and KPMG, which heavily recruit foreign graduates, are facing challenges.
As the UK government tightens visa rules to reduce immigration rates, companies like HSBC, Deloitte, and KPMG, which heavily recruit foreign graduates, are facing challenges.
The UK government's stricter visa rules are affecting major employers like HSBC and Deloitte. These companies are finding it difficult to honor their job contracts with foreign graduates upon graduation. The decision to raise the salary threshold for skilled workers' visas is exacerbating the problem.
With companies retracting their offers, sources cited by the Financial Times reveal that two major firms have had to cancel job offers to their new hires, attributing the issue to the UK government's visa regulations.
Even KPMG, a global audit and consulting firm like Deloitte, found itself compelled to cancel contracts for some foreign employees last month.
In April, aiming to reduce record-high immigration, the government increased the salary threshold for granting visas to skilled workers from £26,200 to £38,700, and for those under 26, it set it at £30,960.
The decision has affected individuals like those set to start in HSBC's 'digital innovation' division in Sheffield. One individual, whose job offer was canceled, expressed frustration, stating, 'I had rejected three more offers. After spending £50,000 to attend university in the UK, I now have to return to my own country.'
Last year, HSBC hired 720 new graduates, while Deloitte recruited more than 2,700 people. Following the decision, Deloitte had to withdraw offers to approximately 3% of the graduates it had hired.