In a recent turn of events, KPMG - one of the prominent members of the Big Four accounting firms - has made headlines by revoking job offers extended to foreign graduates in the UK.
This decision comes hot on the heels of the UK government's implementation of stricter visa regulations, particularly concerning skilled worker visas, which has significantly impacted the eligibility criteria for sponsorship.
According to reports from the Financial Times, KPMG informed affected incoming staff this week about the withdrawal of their offers, attributing the move directly to the government's decision to raise the minimum salary required for sponsoring a skilled worker visa in the UK. The firm cited how the changes in eligibility criteria unfortunately affected some of their graduate programmes that were previously eligible for sponsorship under the skilled worker visa category. However, KPMG has not disclosed the exact number of offers that have been rescinded.
The crux of the matter lies in the UK government's announcement earlier this year, wherein it declared a significant hike in the salary threshold for skilled workers from £26,200 to £38,700, effective from April. Additionally, a lowered threshold of £30,960 was set for individuals under the age of 26. These adjustments directly impact various sectors, including the professional services industry, where firms like KPMG traditionally recruit a substantial number of graduates.
The ramifications of these visa rule changes are felt deeply within the graduate employment landscape. Typically, first-year graduates in the Big Four firms receive salaries ranging from £25,000 to £35,000 in the UK, placing them squarely within the ambit of the new visa rules. Consequently, KPMG has ceased hiring overseas graduates who require skilled worker visas outside of London, underscoring the far-reaching implications of the altered eligibility criteria.
For the affected graduates who saw their offers rescinded, the options are limited. They have been informed that deferring their placements to 2025 is not an available recourse. However, they may request a transfer to a different graduate programme this year, provided that the applications are still open on the firm’s website and the role is eligible for sponsorship. Nonetheless, the uncertainty surrounding these transfers adds to the anxiety and challenges faced by the affected individuals.
KPMG, known for its robust graduate recruitment programmes, hired 1,400 graduates and apprentices last year alone. With the vacancies created by the revoked offers, the firm intends to fill these positions with individuals entitled to work in the UK, further signalling the ripple effects of the visa policy changes.
