In a report by the Financial Times of the United Kingdom, it was revealed that HSBC Bank has rescinded job offers in the UK for foreign graduates following the tightening of visa regulations by the British government. These graduates have been informed that they can explore job opportunities in mainland China, India, and Poland (within HSBC branches).
According to documents reviewed by the Financial Times, HSBC Bank informed the affected overseas graduates last week to “explore opportunities” in these three countries and to be employed in similar employment schemes. Previously, HSBC Bank had blamed changes in visa rules by the government for canceling job opportunities for overseas graduates in the UK.
HSBC’s decision to retract job offers to approximately two dozen graduates highlights the impact on UK employers in response to the government’s increase in the salary threshold for skilled worker visas. KPMG and Deloitte, among the Big Four accounting firms, have also withdrawn similar job offers in recent weeks.
Potential job opportunities for these graduates will now depend on possibilities in China, India, and Poland. A source informed the Financial Times, “We will provide support for them as we typically do in the UK, offering advice on visa processes and covering costs.”
According to its latest annual report, the London-based bank hired 720 graduates last year and employed around 33,000, 42,000, and 6,000 employees in China, India, and Poland respectively.
The affected graduates had joined HSBC Bank’s “digital innovation” graduate program in the UK, covering positions in areas such as cybersecurity, software development, and data.
HSBC Bank stated, “Due to changes in securing work permits in the UK, we are unable to offer a small number of (affected) job offers as part of this year’s graduate program.” “We are currently in discussions with those affected.”
In April of this year, the British government raised the primary salary threshold for skilled worker visas from £26,200 to £38,700 in an attempt to reduce the number of legal immigrants. Subsequently, these companies canceled related recruitment offers.
The UK government announced multiple tightening immigration policies in December last year with the aim of reducing 300,000 immigrants. The Home Office of the UK stated on April 3 that the new regulations can reduce immigration, prioritize local UK employees, prevent employers from hiring cheap foreign labor, thereby weakening the competitiveness of British workers, and focus the UK immigration system on recruiting high-skill workers to boost the UK economy while lowering overall immigration numbers. Healthcare workers fall outside the scope of the new regulations, however, bringing family members to the UK is prohibited.
The UK general election is scheduled for July 4, and immigration is a key election issue. A February poll by Ipsos showed that 37% of voters considered this a very important issue in deciding whom to vote for.
A study by the National Centre for Social Research in March showed that 65% of people believe the government should take more measures to exclude illegal immigrants from entering the UK. Nevertheless, the same study indicated that more people believe immigrants have a positive impact on society compared to those who believe immigrants have a negative impact.