Meanwhile, revenue for S&P 500 technology companies is projected to expand about 2% in 2023. First layoff experience for manyThe Reuters report noted that about 4,07,000 H-1B visa petitions were approved in 2021 by the US Citizenship and Immigration Services. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. Meanwhile, a Facebook group of overseas Indians has launched a petition urging the Indian government to hire the laid-off Indian tech workers in the US. Other sectors not far behindWhile tech workers have taken the brunt of firings this time, their counterparts in finance are also feeling the squeeze.
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