peer123
07-17 10:43 AM
I am also in somewhat same situation. My Employer didnot pay me for one month and didnot provide paystubs for 4 months. ANy way I sucessfully joined a large corporation as they were willing to listen to my situation. When I ask for pay they say they will suit me as I have joined the client.
I feel for you man, This is the main reason why left consulting with Desi firms long time ago. The act like parasites,... I am only referring to people who are so, I am not commenting on the large community of good employers....
I feel for you man, This is the main reason why left consulting with Desi firms long time ago. The act like parasites,... I am only referring to people who are so, I am not commenting on the large community of good employers....
wallpaper Rover 214 Cabriolet
payur
09-04 12:12 PM
Fellows in pain ...
It's been horribly long 10 years and many complications along the way but my journey seemed to have reached the end. This morning I got a magically enchanted email:
Application Type: I485 , APPLICATION TO REGISTER PERMANENT RESIDENCE OR TO ADJUST STATUS
Current Status: Card production ordered.
I am still at awe and can't believe ... probably will never do until I get the physical card.
For those interested:
EB3 ROW - Dec 2004 (first application was April 2001)
I filed 765 and 485 in June of this year
Congrats!!!!:cool:
I remember you because you created the "June 1st filers - receipt " thread.
I hope many approvals come soon.
I would appreciate detailed signature will help us.
It's been horribly long 10 years and many complications along the way but my journey seemed to have reached the end. This morning I got a magically enchanted email:
Application Type: I485 , APPLICATION TO REGISTER PERMANENT RESIDENCE OR TO ADJUST STATUS
Current Status: Card production ordered.
I am still at awe and can't believe ... probably will never do until I get the physical card.
For those interested:
EB3 ROW - Dec 2004 (first application was April 2001)
I filed 765 and 485 in June of this year
Congrats!!!!:cool:
I remember you because you created the "June 1st filers - receipt " thread.
I hope many approvals come soon.
I would appreciate detailed signature will help us.
simple1
05-11 06:49 PM
desi3933,
Only if "if not otherwise entitled to an immigrant status and the immediate issuance of a visa under subsection (a), (b), or (c) of this section"
In this case they are eligible for FB2A. So it nullifies that.
again “respective subsection” is not referring to primary’s subsection.
same status = parolee, denied etc.
same order of consideration = PD order.
respective subsection=the respective/related/corresponding subsection of derivative not the primary.
This point was already discussed on member's and donor's thread with same subject.
Member thread: http://immigrationvoice.org/forum/showthread.php?t=25432
Donor thread: http://immigrationvoice.org/forum/showthread.php?p=340449
This thread is for lawyer's thoughts. I appreciate you post your thoughts on the above member/donor threads and let us keep this thread for Attorney only.
Thanks.
INA 203(d) Treatment of family members
A spouse or child as defined in subparagraph (A), (B), (C), (D), or (E) of section 1101(b)(1) of this title shall, if not otherwise entitled to an immigrant status and the immediate issuance of a visa under subsection (a), (b), or (c) of this section, be entitled to the same status, and the same order of consideration provided in the respective subsection, if accompanying or following to join, the spouse or parent.
This means that if primary beneficiary is using visa number from EB(2) classification then dependent(s) will also be using same classification as primary beneficiary (i.e. EB(2) in this example).
______________________
Not a legal advice
US citizen of Indian origin
Only if "if not otherwise entitled to an immigrant status and the immediate issuance of a visa under subsection (a), (b), or (c) of this section"
In this case they are eligible for FB2A. So it nullifies that.
again “respective subsection” is not referring to primary’s subsection.
same status = parolee, denied etc.
same order of consideration = PD order.
respective subsection=the respective/related/corresponding subsection of derivative not the primary.
This point was already discussed on member's and donor's thread with same subject.
Member thread: http://immigrationvoice.org/forum/showthread.php?t=25432
Donor thread: http://immigrationvoice.org/forum/showthread.php?p=340449
This thread is for lawyer's thoughts. I appreciate you post your thoughts on the above member/donor threads and let us keep this thread for Attorney only.
Thanks.
INA 203(d) Treatment of family members
A spouse or child as defined in subparagraph (A), (B), (C), (D), or (E) of section 1101(b)(1) of this title shall, if not otherwise entitled to an immigrant status and the immediate issuance of a visa under subsection (a), (b), or (c) of this section, be entitled to the same status, and the same order of consideration provided in the respective subsection, if accompanying or following to join, the spouse or parent.
This means that if primary beneficiary is using visa number from EB(2) classification then dependent(s) will also be using same classification as primary beneficiary (i.e. EB(2) in this example).
______________________
Not a legal advice
US citizen of Indian origin
2011 Rover 214 Cabriolet (1994)
Project_A
10-27 09:23 AM
Your situation is exactly like mine. Got OCI for first kid and PIO for the second.
Yes, rules have changed now. They denied OCI application submitted by a friend of mine (for his daughter). PIO is the only available choice.
We are able to get the OCI for our minor kid back in 2006 when there was no restriction on at least one parent to be non-Indian.
We were able to use the OCI card for couple of visits to India – no issues at the immigration ports.
Now it is time to apply for misc. services (due to the renewal of US passport). New rules imply that my kid is not eligible to renew the OCI card. CGI Chicago doesn’t have any information on this and they are not responding to emails and phones. After researching a while, I found the following from the the CGI – Edinburgh: “Minor PIO children whose both parents are Indian nationals or if one parent is an Indian national and the other is ineligible for OCI, are not eligible for registration as OCI. Such minor OCIs who are already issued with OCI cards are not eligible for services under OCI Miscellaneous services. “
I would like to know if anyone had a similar experience. Appreciate your inputs.
Project_A
Yes, rules have changed now. They denied OCI application submitted by a friend of mine (for his daughter). PIO is the only available choice.
We are able to get the OCI for our minor kid back in 2006 when there was no restriction on at least one parent to be non-Indian.
We were able to use the OCI card for couple of visits to India – no issues at the immigration ports.
Now it is time to apply for misc. services (due to the renewal of US passport). New rules imply that my kid is not eligible to renew the OCI card. CGI Chicago doesn’t have any information on this and they are not responding to emails and phones. After researching a while, I found the following from the the CGI – Edinburgh: “Minor PIO children whose both parents are Indian nationals or if one parent is an Indian national and the other is ineligible for OCI, are not eligible for registration as OCI. Such minor OCIs who are already issued with OCI cards are not eligible for services under OCI Miscellaneous services. “
I would like to know if anyone had a similar experience. Appreciate your inputs.
Project_A
more...
nozerd
09-14 11:31 AM
http://www.cbc.ca/story/money/national/2006/09/14/imf-useconomy.html
Canadian economic growth to be best in G7 in 2007: IMF
Last Updated Thu, 14 Sep 2006 07:59:50 EDT
CBC News
Canada's economy is poised to grow by 3.0 per cent next year, giving it the fastest growth among the G7 countries, the International Monetary Fund said Thursday in its semi-annual World Economic Outlook.
Canada's status as a major net exporter of energy will likely be enough to insulate it from the slowdowns that the IMF is forecasting for the U.S. and Europe.
The biggest risks to the Canadian growth story next year include a "substantial" further rise in the Canadian dollar or a "sharper-than-expected" slowing of the U.S. economy, as more than 80 per cent of Canada's exports are to the U.S.
"The Canadian economy continues to perform robustly, benefiting from its strong macroeconomic policy framework and the boom in global commodity prices,'' the IMF said.
A cooling housing market is likely to trigger the slowdown in the U.S. economy next year and could weigh on the global economy as well, it said.
Growth in the United States, which was particularly strong in the first half of this year, is expected to slow from 3.4 per cent this year to 2.9 per cent in 2007, the IMF said. In April, it had projected U.S. growth next year would reach 3.3 per cent.
"The concern remains that a sharp adjustment in the housing sector would generate strong headwinds for the U.S. economy," it said.
IMF pegs China's economic growth at 10%
Citing strong growth in China, the IMF raised its global growth forecast a quarter of a percentage point to 5.1 per cent this year and 4.9 per cent in 2007. But it warned that inflationary pressures, high oil prices and a possible abrupt slowdown in the U.S. could undermine global growth.
"The balance of risks to the global outlook is slanted to the downside," said the report, released in Singapore, where the IMF and World Bank will be holding their annual meetings next week.
The Washington-based fund also suggested that further U.S. interest rate hikes might be necessary.
The U.S. Federal Reserve "faces a difficult situation of rising inflation in a slowing economy, but given the importance of keeping inflation expectations in check, some further policy tightening may still be needed," it said.
In August, the Fed decided to keep its key short-term lending rate at 5.25 per cent after 17 straight hikes back to June 2004.
The IMF said "there will be a premium on the Federal Reserve clearly communicating its policy intentions" and suggested that it state more explicitly its medium-term inflation targets.
It also said the U.S. could help reduce global imbalances by setting a more ambitious deficit reduction path and put the budget in a stronger position to respond to future economic downturns.
Japan, the world's second-largest economy, will likely grow 2.7 per cent this year on the back of solid domestic demand, but should ease next year to 2.1 per cent, the IMF said.
It also said Japan should be careful to raise interest rates gradually to avoid a "costly" re-emergence of deflation, or falling prices.
In the euro area, stronger corporate balance sheets have helped bring about increased investment, rising employment and a more balanced expansion to the 12 countries that use the common currency, the report said.
Growth would rise to 2.4 per cent in 2006 before moderating to two per cent in 2007 largely due to scheduled tax increases in Germany, the report said.
China's sizzling economy will probably steam ahead with 10 per cent growth this year and next, propelled by surging exports, but the region could be hurt if China's investment boom sours, it warned.
The IMF also urged Beijing to raise the value of its currency, the yuan, saying that would help to cut its huge global trade gap � on pace this year to surpass last year's $102 billion US � and bolster households' purchasing power.
Growth in India, emerging as Asia's other major engine, would moderate to a still robust 8.3 per cent this year and 7.3 per cent next year.
Latin American economies would continue to lag behind other emerging economies, although growth prospects have increased in the region, with expansion expected at 4.75 per cent this year and 4.25 per cent in 2007.
Inflation in advanced economies was likely to increase modestly to 2.6 per cent in 2006 but start to decline next year as the upward impetus from oil price increases eases. Emerging markets would probably also be able to contain inflation pressures, it said.
The IMF was established in 1945 to help promote the health of the world economy. It works to foster economic and financial stability, prevent crises and can aid countries in trouble.
With files from the Associated Press
Canadian economic growth to be best in G7 in 2007: IMF
Last Updated Thu, 14 Sep 2006 07:59:50 EDT
CBC News
Canada's economy is poised to grow by 3.0 per cent next year, giving it the fastest growth among the G7 countries, the International Monetary Fund said Thursday in its semi-annual World Economic Outlook.
Canada's status as a major net exporter of energy will likely be enough to insulate it from the slowdowns that the IMF is forecasting for the U.S. and Europe.
The biggest risks to the Canadian growth story next year include a "substantial" further rise in the Canadian dollar or a "sharper-than-expected" slowing of the U.S. economy, as more than 80 per cent of Canada's exports are to the U.S.
"The Canadian economy continues to perform robustly, benefiting from its strong macroeconomic policy framework and the boom in global commodity prices,'' the IMF said.
A cooling housing market is likely to trigger the slowdown in the U.S. economy next year and could weigh on the global economy as well, it said.
Growth in the United States, which was particularly strong in the first half of this year, is expected to slow from 3.4 per cent this year to 2.9 per cent in 2007, the IMF said. In April, it had projected U.S. growth next year would reach 3.3 per cent.
"The concern remains that a sharp adjustment in the housing sector would generate strong headwinds for the U.S. economy," it said.
IMF pegs China's economic growth at 10%
Citing strong growth in China, the IMF raised its global growth forecast a quarter of a percentage point to 5.1 per cent this year and 4.9 per cent in 2007. But it warned that inflationary pressures, high oil prices and a possible abrupt slowdown in the U.S. could undermine global growth.
"The balance of risks to the global outlook is slanted to the downside," said the report, released in Singapore, where the IMF and World Bank will be holding their annual meetings next week.
The Washington-based fund also suggested that further U.S. interest rate hikes might be necessary.
The U.S. Federal Reserve "faces a difficult situation of rising inflation in a slowing economy, but given the importance of keeping inflation expectations in check, some further policy tightening may still be needed," it said.
In August, the Fed decided to keep its key short-term lending rate at 5.25 per cent after 17 straight hikes back to June 2004.
The IMF said "there will be a premium on the Federal Reserve clearly communicating its policy intentions" and suggested that it state more explicitly its medium-term inflation targets.
It also said the U.S. could help reduce global imbalances by setting a more ambitious deficit reduction path and put the budget in a stronger position to respond to future economic downturns.
Japan, the world's second-largest economy, will likely grow 2.7 per cent this year on the back of solid domestic demand, but should ease next year to 2.1 per cent, the IMF said.
It also said Japan should be careful to raise interest rates gradually to avoid a "costly" re-emergence of deflation, or falling prices.
In the euro area, stronger corporate balance sheets have helped bring about increased investment, rising employment and a more balanced expansion to the 12 countries that use the common currency, the report said.
Growth would rise to 2.4 per cent in 2006 before moderating to two per cent in 2007 largely due to scheduled tax increases in Germany, the report said.
China's sizzling economy will probably steam ahead with 10 per cent growth this year and next, propelled by surging exports, but the region could be hurt if China's investment boom sours, it warned.
The IMF also urged Beijing to raise the value of its currency, the yuan, saying that would help to cut its huge global trade gap � on pace this year to surpass last year's $102 billion US � and bolster households' purchasing power.
Growth in India, emerging as Asia's other major engine, would moderate to a still robust 8.3 per cent this year and 7.3 per cent next year.
Latin American economies would continue to lag behind other emerging economies, although growth prospects have increased in the region, with expansion expected at 4.75 per cent this year and 4.25 per cent in 2007.
Inflation in advanced economies was likely to increase modestly to 2.6 per cent in 2006 but start to decline next year as the upward impetus from oil price increases eases. Emerging markets would probably also be able to contain inflation pressures, it said.
The IMF was established in 1945 to help promote the health of the world economy. It works to foster economic and financial stability, prevent crises and can aid countries in trouble.
With files from the Associated Press
valatharv
07-16 10:54 AM
Write to the Indian Consulate and check for a solution with them. They will have definitely handled these types of cases before.
Thanks for replying...
I have already renewed my passport in April 2010 and corrected father name ...
I am worried for USCIS old forms before RFE for 485, my father name shows as <lastName> then <FirstName>.
Thanks for replying...
I have already renewed my passport in April 2010 and corrected father name ...
I am worried for USCIS old forms before RFE for 485, my father name shows as <lastName> then <FirstName>.
more...
conchshell
07-31 04:56 PM
Paper based filing on July 2nd 2008 (NSC)
Got filing receipt on July 19th 2008
Today I got the CRIS appproval email for my EAD application. However, the EAD application for my spouse still shows pending. We both filed together (paper filing). Is this normal, has someone seen this type of situation before? Do I need to contact USCIS to remind them about the other EAD application?
Just to let you know guys ... I got a CRIS email 10 minutes back ... informing that my wife's EAD is also approved. This is a good news because our priority date will be current from tomorrow. However, I don't know we will get the EAD for one year or two year. I guess we will just wait for the cards arrival. Thanks to all the people who responded to my question.
Got filing receipt on July 19th 2008
Today I got the CRIS appproval email for my EAD application. However, the EAD application for my spouse still shows pending. We both filed together (paper filing). Is this normal, has someone seen this type of situation before? Do I need to contact USCIS to remind them about the other EAD application?
Just to let you know guys ... I got a CRIS email 10 minutes back ... informing that my wife's EAD is also approved. This is a good news because our priority date will be current from tomorrow. However, I don't know we will get the EAD for one year or two year. I guess we will just wait for the cards arrival. Thanks to all the people who responded to my question.
2010 Modified Rover 214 Cabriolet
ski_dude12
04-01 11:09 PM
11 years for me... but I have not done anything to cut someone off... just waiting patiently...
hey zcool be cool man..
i did 4 years of bs and 2 years of MS in US and this is my 10th year in US..i am not desperate for GC..but living here for too long and standing in the back of the line..just trying to move ahead in the line..common man don't get pissed off..help out here..
hey zcool be cool man..
i did 4 years of bs and 2 years of MS in US and this is my 10th year in US..i am not desperate for GC..but living here for too long and standing in the back of the line..just trying to move ahead in the line..common man don't get pissed off..help out here..
more...
gopinathan
03-29 02:33 PM
so much for FIFO ... they say that they are approving PERM applied in June/July 09 and anyone I know is getting their approvals by above rate only.. your friend's PERM must be an outlier in terms of approvals. mine is Feb 2010.. need to wait another few months before PERM approval :)
My friend's PERM got approved in 5 days in Dec '09. His I-140 got approved in 3 weeks in March '10. This could be an exceptional case as I have not seen any other such approvals..
My friend's PERM got approved in 5 days in Dec '09. His I-140 got approved in 3 weeks in March '10. This could be an exceptional case as I have not seen any other such approvals..
hair Rover 214 cabriolet 1.4 74000
paskal
11-09 11:47 AM
to those who replied, i'm sure iv can use all your skills
please make sure your profiles are completed, we cannot proceed without basic contact information on you.
we may eventually ask you for a resume- not that we need all the details but it does help understand background and skills and you will get a much better fit for your volunteer work. this is something we have learnt from past experience...
everyone willing to help is welcome. please do not forget the profile!!!
please make sure your profiles are completed, we cannot proceed without basic contact information on you.
we may eventually ask you for a resume- not that we need all the details but it does help understand background and skills and you will get a much better fit for your volunteer work. this is something we have learnt from past experience...
everyone willing to help is welcome. please do not forget the profile!!!
more...
tushbush
05-28 09:14 PM
Sounds true. I got RFE on employment verification last week. I am a July 2007 filer.
hot Rover 200 214 Cabriolet,
pappu
06-30 07:06 PM
update
http://immigrationvoice.org/forum/showthread.php?t=5883
http://immigrationvoice.org/forum/showthread.php?t=5883
more...
house Rover 214 Cabriolet. A little tatty but until recently was used daily and
kinvin
05-08 02:50 PM
A bidding war makes for �crazy� salaries across Asia
By Sundeep Tucker
Published: May 6 2007 19:15 | Last updated: May 6 2007 19:15
A combination of strong economic growth, corporate ambition and a limited pool of managers and specialists has plunged Asian companies into a battle for top talent, from casinos in Macau gearing up for business to boom towns in resource-rich western Australia desperate to attract mining engineers.
Salaries for top performers are being bid up to unheard of levels. Even Indian software engineers in Silicon Valley are returning home attracted by high ex-pat salary packages and senior positions, as are Chinese and Japanese-born bankers working in London and New York.
Damien Chunilal, Merrill�s Lynch�s Pacific Rim chief operating officer, says: �The success of Asia�s economies has in some areas increased the pool of available talent. Emigrants are prepared to return home to fill positions that five years ago would not have attracted them. It�s a tighter market, but our overall hiring universe is bigger.�
Which companies win this war for talent will go a long way to deciding which will succeed in the Asia Pacific region.
The consensus is that recruiting and retaining skilled workers in Asia is harder and more expensive than ever. Headhunters warn that the inability to fill key positions with qualified people, mostly at senior level, is denting the regional expansion plans of many companies.
The struggle to hire qualified staff is most acute in financial services, a sector whose fortunes are closely correlated with the level of growth. Demand for consumer banking in India and China is soaring and investment banks are adding personnel to service the region�s emerging acquisitive corporations.
In addition, private equity firms and hedge funds have mushroomed over the past year, pinching scores of the region�s top investment bankers along the way, while the region�s newly-minted millionaires are demanding world-class wealth management services.
The boom in financial services is also having knock-on effects in connected support industries such as accounting, law and public relations.
A key problem for recruitment is the lack of fungibility of personnel across the different markets of the region, with its varied cultural, political and linguistic traditions. Headhunter Kevin Gibson, managing director of Robert Walters Japan, says: �You can relocate a Mexican to Argentina or an American to the UK. But you can�t move a senior manager from China to Japan unless they speak the language and enjoy the culture.�
One senior Hong Kong-based executive for a global investment bank describes the situation as �crazy�. He said: �Banks are short of good staff all over the world but Asia is the hottest place by far. I have 28-year-olds coming into my office telling me that they are resigning because they have been offered a $1m job.� The executive blamed the wage inflation on a combination of factors, including new entrants who pay huge premiums to attract staff, the growth and expansion of hedge funds and private equity firms and the expansion plans of existing players. �It all means that there are too many potential employers chasing too few people,� he says.
As well as drawing from the well of investment banks, private equity firms expanding in Asia have started to adopt US and European practice by luring senior industry executives. In recent weeks Carlyle Group of the US has poached the regional heads of Coca-Cola and Delphi to oversee the firm�s future investments across the consumer and industrial sectors respectively.
The frenzy is thought to have prompted the Singapore government to broker an informal non-poaching agreement that effectively protects two local banks, DBS and OCBC, from aggressive foreign rivals.
In China, analysts describe the talent shortage as �acute�. Steve Mullinjer, head of Heidrick & Struggles China practice, says: �There is a paradox of shortage among the plenty.� He believes that China requires 75,000 quality people to fill senior vacancies at multinationals and expanding domestic companies � but can only supply around 5,000 candidates with suitable experience.
Wage inflation is running so hot that a locally-born general manager for a multinational can earn 20 per cent more than a counterpart in the US �with only 75 per cent of the skills set�, he says. �The reality is that executives in China are getting over-titled and overpaid. Underperformers who leave often resurface in jobs earning double the salary.�
The talent shortage is also keenly felt in India, especially in the financial services and information technology sectors.
Business is growing so fast that the industry�s lobby group has estimated that the Indian IT sector faces a shortfall of 500,000 professionals by 2010 that threatens the country�s dominance of global offshore IT services.
Blue chip IT companies are plundering the entire talent pool across industries, stealing civil engineers and graduates from other disciplines and turning them into software engineers. This has left acute shortages in industries such as construction.
Azim Premji, founder chairman of India�s Wipro, one of the world�s leading IT companies, says: �The multinationals are going berserk and are unnecessarily paying premiums to fill the positions.�
The effect on pay rates has been predictable. According to Hewitt Associates, the consultancy, average salary increases in India are running at more than 14 per cent a year, compared with around 8 per cent in China and slightly less in South Korea and the Philippines.
Dinesh Mirchandani, managing director of the India practice of Boyden, a global search firm, said that the annual salary for the typical chief executive of a mid-cap multinational in India, with just $100m sales, has doubled in the past five years to $250,000. He says: �At senior levels, the pay gap between those based in India and those elsewhere has narrowed dramatically. I even have an Indian national chief operating officer in a multinational here who is earning more than his Dubai-based boss.� Mr Mirchandani cites BP, Citibank and PepsiCo as multinationals that have prospered because they recruited and retained staff successfully by introducing favourable human resource policies.
The recruitment market in Japan has tended to march to its own beat. However, the country�s economic recovery has created bottlenecks in sectors such as financial services, retail and pharmaceutical, while sectors such as precision engineering have been boosted by insatiable demand from China for their products. The talent war even has its plus points. One US investment banking executive working in Asia says that the situation has made it easier to get rid of underpeforming staff.
He says: �In the past the worker might have been sacked. Nowadays we tell that worker to go and quietly solicit offers in the marketplace. They usually do so quickly, and can get a higher salary from a hedge fund or private equity firm. That way, nobody�s reputation gets sullied.�
Copyright The Financial Times Limited 2007
By Sundeep Tucker
Published: May 6 2007 19:15 | Last updated: May 6 2007 19:15
A combination of strong economic growth, corporate ambition and a limited pool of managers and specialists has plunged Asian companies into a battle for top talent, from casinos in Macau gearing up for business to boom towns in resource-rich western Australia desperate to attract mining engineers.
Salaries for top performers are being bid up to unheard of levels. Even Indian software engineers in Silicon Valley are returning home attracted by high ex-pat salary packages and senior positions, as are Chinese and Japanese-born bankers working in London and New York.
Damien Chunilal, Merrill�s Lynch�s Pacific Rim chief operating officer, says: �The success of Asia�s economies has in some areas increased the pool of available talent. Emigrants are prepared to return home to fill positions that five years ago would not have attracted them. It�s a tighter market, but our overall hiring universe is bigger.�
Which companies win this war for talent will go a long way to deciding which will succeed in the Asia Pacific region.
The consensus is that recruiting and retaining skilled workers in Asia is harder and more expensive than ever. Headhunters warn that the inability to fill key positions with qualified people, mostly at senior level, is denting the regional expansion plans of many companies.
The struggle to hire qualified staff is most acute in financial services, a sector whose fortunes are closely correlated with the level of growth. Demand for consumer banking in India and China is soaring and investment banks are adding personnel to service the region�s emerging acquisitive corporations.
In addition, private equity firms and hedge funds have mushroomed over the past year, pinching scores of the region�s top investment bankers along the way, while the region�s newly-minted millionaires are demanding world-class wealth management services.
The boom in financial services is also having knock-on effects in connected support industries such as accounting, law and public relations.
A key problem for recruitment is the lack of fungibility of personnel across the different markets of the region, with its varied cultural, political and linguistic traditions. Headhunter Kevin Gibson, managing director of Robert Walters Japan, says: �You can relocate a Mexican to Argentina or an American to the UK. But you can�t move a senior manager from China to Japan unless they speak the language and enjoy the culture.�
One senior Hong Kong-based executive for a global investment bank describes the situation as �crazy�. He said: �Banks are short of good staff all over the world but Asia is the hottest place by far. I have 28-year-olds coming into my office telling me that they are resigning because they have been offered a $1m job.� The executive blamed the wage inflation on a combination of factors, including new entrants who pay huge premiums to attract staff, the growth and expansion of hedge funds and private equity firms and the expansion plans of existing players. �It all means that there are too many potential employers chasing too few people,� he says.
As well as drawing from the well of investment banks, private equity firms expanding in Asia have started to adopt US and European practice by luring senior industry executives. In recent weeks Carlyle Group of the US has poached the regional heads of Coca-Cola and Delphi to oversee the firm�s future investments across the consumer and industrial sectors respectively.
The frenzy is thought to have prompted the Singapore government to broker an informal non-poaching agreement that effectively protects two local banks, DBS and OCBC, from aggressive foreign rivals.
In China, analysts describe the talent shortage as �acute�. Steve Mullinjer, head of Heidrick & Struggles China practice, says: �There is a paradox of shortage among the plenty.� He believes that China requires 75,000 quality people to fill senior vacancies at multinationals and expanding domestic companies � but can only supply around 5,000 candidates with suitable experience.
Wage inflation is running so hot that a locally-born general manager for a multinational can earn 20 per cent more than a counterpart in the US �with only 75 per cent of the skills set�, he says. �The reality is that executives in China are getting over-titled and overpaid. Underperformers who leave often resurface in jobs earning double the salary.�
The talent shortage is also keenly felt in India, especially in the financial services and information technology sectors.
Business is growing so fast that the industry�s lobby group has estimated that the Indian IT sector faces a shortfall of 500,000 professionals by 2010 that threatens the country�s dominance of global offshore IT services.
Blue chip IT companies are plundering the entire talent pool across industries, stealing civil engineers and graduates from other disciplines and turning them into software engineers. This has left acute shortages in industries such as construction.
Azim Premji, founder chairman of India�s Wipro, one of the world�s leading IT companies, says: �The multinationals are going berserk and are unnecessarily paying premiums to fill the positions.�
The effect on pay rates has been predictable. According to Hewitt Associates, the consultancy, average salary increases in India are running at more than 14 per cent a year, compared with around 8 per cent in China and slightly less in South Korea and the Philippines.
Dinesh Mirchandani, managing director of the India practice of Boyden, a global search firm, said that the annual salary for the typical chief executive of a mid-cap multinational in India, with just $100m sales, has doubled in the past five years to $250,000. He says: �At senior levels, the pay gap between those based in India and those elsewhere has narrowed dramatically. I even have an Indian national chief operating officer in a multinational here who is earning more than his Dubai-based boss.� Mr Mirchandani cites BP, Citibank and PepsiCo as multinationals that have prospered because they recruited and retained staff successfully by introducing favourable human resource policies.
The recruitment market in Japan has tended to march to its own beat. However, the country�s economic recovery has created bottlenecks in sectors such as financial services, retail and pharmaceutical, while sectors such as precision engineering have been boosted by insatiable demand from China for their products. The talent war even has its plus points. One US investment banking executive working in Asia says that the situation has made it easier to get rid of underpeforming staff.
He says: �In the past the worker might have been sacked. Nowadays we tell that worker to go and quietly solicit offers in the marketplace. They usually do so quickly, and can get a higher salary from a hedge fund or private equity firm. That way, nobody�s reputation gets sullied.�
Copyright The Financial Times Limited 2007
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hmehta
05-31 11:32 AM
On the same lines, one of my relative was also denied entry into the US at the Mineapolis airport. She is a widow, 70 years of age, and used to come here to visit her only son and daughter-in-law and their son, since last 6 years. She used to stay for 6 months during the summer time (April to Oct.) and then 6 months in India. But this time when she came here they denied her entry suggesting that you have a pattern of staying here since last 6-7 years at the same time of the year, so you are doing something illegal!!!!......
Now how can one explain this???....70 years of age, a widow and her only son and daughter-in-law earning together earning atleast 6 figure income, a house of their own.....never went out of status, never extendend her stay beyond 6 months.......doing something illegal? and that too they said that they 'suspect'!....no proof whatsoever.....but according to law, she had to go back....this sucks big big time.
Now how can one explain this???....70 years of age, a widow and her only son and daughter-in-law earning together earning atleast 6 figure income, a house of their own.....never went out of status, never extendend her stay beyond 6 months.......doing something illegal? and that too they said that they 'suspect'!....no proof whatsoever.....but according to law, she had to go back....this sucks big big time.
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Dhundhun
06-09 02:39 PM
I just spoke to an Immigration Officer about the status of my pending I-485 application using InfoPass, and all she said was "it is waiting for a visa number". She seemed to be very ignorant of general USCIS regs and laws, but she called somebody and this is the answer she came up with.
My category is EB2-India with PD of Feb 2004 which is current for June. So, my question to all the gurus here is: WTF does this mean "waiting for a visa number"? i told her that my PD is current, so there is no need for waiting, but then she told me that my application was received on July 2nd 2007 and I need to wait. I tried explaining that 485 receipt date has no relation to PD, but it was a lost cause.
Any comments from the wise on this board?
My Understanding:
#1. The Receipt Date has relationship with Processing Date. If Processing Date is not current with respect to Receipt Date, file will not be picked for processing.
#2. When file is picked based on Processing Date and Priority Date is current, USICS asks for a Visa Number from DOS (Department of State). Visa Number is individual specific. USCIS sets Priority Date, but Visa Number is given by DOS and DOS can say USICS to wait, if Visa Numbers are not available.
I am sorry to say that I am still not a wise on this board, but thought, I could comment on it.
My category is EB2-India with PD of Feb 2004 which is current for June. So, my question to all the gurus here is: WTF does this mean "waiting for a visa number"? i told her that my PD is current, so there is no need for waiting, but then she told me that my application was received on July 2nd 2007 and I need to wait. I tried explaining that 485 receipt date has no relation to PD, but it was a lost cause.
Any comments from the wise on this board?
My Understanding:
#1. The Receipt Date has relationship with Processing Date. If Processing Date is not current with respect to Receipt Date, file will not be picked for processing.
#2. When file is picked based on Processing Date and Priority Date is current, USICS asks for a Visa Number from DOS (Department of State). Visa Number is individual specific. USCIS sets Priority Date, but Visa Number is given by DOS and DOS can say USICS to wait, if Visa Numbers are not available.
I am sorry to say that I am still not a wise on this board, but thought, I could comment on it.
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micofrost
07-17 10:46 PM
Let us boycott CNN to protest the unjust presentation of immigrants in their news. I can't comprehend why a big and reputable network would support a show like Lou Dobbs. Lou dobbs and his minions has been spreading lies and hate about legal immigration. The sad part is that the ordinary American would believe them since they are part of a big network, CNN -- supposedly a moral and ethical news company driven to tell the truth and expose injustice. Everyday we try hard to be a good citizen, build a good reputation, and work hard for the betterment of this country but everyday too, Lou Dobbs and his panel of experts ruins everything that we have gained. We cannot ignore this negative publicity anymore. I used to watched CNN ASIA and truly believe that they were the best international network -- they were fair and unbiased in their reporting. But CNN US seems to be a different animal, their seems to be an underlying current of hate hiding and pretending to be patriotic. So, I would like to ask IV core to add this to IV's strategy. Let us spread the word that CNN/Lou Dobbs is anti-immigrant and should not be patronized. Tell your friends and family and let them spread the word. We should also boycott all CNN-related companies i.e Time, CNN ASIA, etc. since they are part of the same animal. We should start being vigilant and fight back on things that are hurtful to us but in a peaceful way.
Thats why I degraded my cable service so that CNN will be blocked.
Thats why I degraded my cable service so that CNN will be blocked.
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Caliber
05-31 10:28 AM
The math does look good pthoko but do you think all 13K will step up especially the ones whos PD has become current !
My PD is current. Still I am not discontinuing my 50.00 per month contribution that I have been doing since january.
My PD is current. Still I am not discontinuing my 50.00 per month contribution that I have been doing since january.
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graylensman
10-21 01:07 AM
Hey - you don't build houses with tables so why would you use them on buttons?
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wandmaker
12-19 01:23 AM
Is it true it is must to use EAD to invoke AC 21? I am not sure but people said I cannot use H1 but EAD to invoke Ac 21........
if you invoke AC21 means you have to use EAD not H1B......
AC21: You are letting USCIS know that you will not be working for GC sponsoring employer as you have found a new similar/same job with some one else.
EAD/H1B: EAD is an work authorization, which allows to you work for any one. H1B is allows to you work for an sponsoring employer. If your new employer agrees you take you on board then do an H1 transfer, your title will be "similar/same position".
if you invoke AC21 means you have to use EAD not H1B......
AC21: You are letting USCIS know that you will not be working for GC sponsoring employer as you have found a new similar/same job with some one else.
EAD/H1B: EAD is an work authorization, which allows to you work for any one. H1B is allows to you work for an sponsoring employer. If your new employer agrees you take you on board then do an H1 transfer, your title will be "similar/same position".
gc_on_demand
04-07 07:22 AM
Any IV member got so far ?
pappu
12-16 01:25 PM
There is a possible solution to this. I do not wish to post it as everyone may try to misuse that route and thus block the avenue for deserving people. If you have been denied, you can contact IV.