Intel Cuts Employee And Executive Pay By 5-25% Amid PC Market Downturn: Report

Last Updated: February 01, 2023, 11:05 IST

Intel Corp slashes pay across company.

Intel Corp slashes pay throughout firm.

Intel Corp on Wednesday confirmed that it has applied broad worker pay cuts.

The US-based Chip-maker Intel on Wednesday confirmed that it has applied broad worker pay cuts. The reductions will vary from 5 per cent of base pay for mid-level workers to as a lot as 25 per cent for Chief Executive Pat Gelsinger, whereas the corporate’s hourly workforce’s pay won’t be reduce, an individual acquainted with the matter informed Reuters.

“Changes are designed to impression our govt inhabitants extra considerably and can assist help the investments and general workforce,” Intel spokesperson Addy Burr was quoted as saying to Reuters.

Recently, the US-based chip-maker told state and local officials that it plans to lay off about 340 workers at its Folsom campus in California. The Folsom campus has seven buildings, IANS reported.

Intel cited a “challenging macro-economic environment”, saying it’s “targeted on figuring out value reductions and effectivity positive factors by way of a number of initiatives, together with some enterprise and function-specific workforce reductions in areas throughout the corporate”.

“These are difficult decisions, and we are committed to treating impacted employees with dignity and respect,” Intel mentioned in an announcement. The firm introduced new layoffs within the Worker Adjustment and Retraining Notification (WARN) discover.

The WARN Act requires employers to supply a 60-day discover to employees and state officers of mass layoffs. As per report, the corporate first despatched a WARN Act discover on December 2 that it deliberate to “lay off about 111 employees at its 1900 Prairie City Drive facility beginning on January 31″

(With inputs from agencies)

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