CEO pay could be drastically hiked by 457 visa changes

Graham Bradley, the newly appointed Chairman of Graincorp has cautioned that the changes that have been announced by the government of Australia regarding the 457 visas will result in a drastic hike in the salaries of the CEOs. This will compel the business enterprises to shift their operations outside Australia. He gave this statement after the company’s CEO from the US Mark Palmquist was held up due to the changes along with several other business heavyweights, quotes the AFR. The business fraternity in Australia is opposing the changes that have been announced to the 457 visas that reduce the visa validity to two years and also does not provide them the path to the permanent residency in Australia. The requirements for the permanent skilled visas are also proposed to be made more stringent that includes age limit of 45 years and English proficiency test. Mr. Bradley further elaborated on the impact of the changes to the 457 visas and said that this will severely affect senior positions such as the Chief technology officers wherein firms would like to have individuals with real global exposure and to remain competitive at the international level. The two-year validity is not the worth of getting their families relocated and unsettling their children’s school education. Otherwise, they have to be paid higher salaries than one would have liked to, leading to an inflationary effect. The result is that firms are left with no option but to relocate their operations outside Australia, added Mr. Bradley. Y-Axis Australia office is situated in affinity to Melbourne Central amidst innumerable educational institutions. Everyday immigrants, skilled professionals, and students visit our office seeking legal advice on immigration. They are provided assistance for immigration and visa applications by Registered MARA Agents. If you are looking to Migrate, Study, Visit, Invest or Work in Australia, contact Y-Axis, the world’s most trusted Registered Migration Agent Melbourne.