HSBC and Deloitte have revoked the job offers to foreign graduates in UK, after the government made Visa rules stringent. The United Kingdom has increased the salary threshold for skilled worker visas, from £26,200 to £38,700 for general workers, and to £30,960 for individuals under 26.
The revoked job offers by HSBC affects graduates in the digital innovation sector slated to work in Sheffield. Deloitte, which hired over 2,700 staff last year, revoked about 35 offers, representing 3% of its incoming autumn graduates.
The affected graduates who have spent a substanial sums in their UK education expressed their disappointment to Financial Times. One individual told FT that they rejected three other job offers and spent £50,000 on university fees, but now was facing the prospect of returning to their home country.
While HSBC consulted EY to review the visa eligibility changes, Deloitte noted that the new criteria rendered some roles ineligible for visa sponsorship. Meanwhile, KPMG has already cancelled the contracts for foreign graduates last month.
As per Financial Times, some HSBC graduates received impersonal automated messages from human resources, with no detailed explanation of the job offer withdrawals. HSBC acknowledged the situation, stating they must adhere to market regulations, and are in discussions with those affected.
The changes in visa rules come as UK is looking to reduce high levels of legal migration. The Migration Advisory Committee recently recommended discontinuing the graduate visa program, which permits overseas students to work in the UK for two years post-graduation.
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