Last Updated: February 01, 2023, 11:05 IST
Intel Corp slashes pay across company.
Intel Corp on Wednesday confirmed that it has implemented broad employee pay cuts.
The US-based Chip-maker Intel on Wednesday confirmed that it has implemented broad employee pay cuts. The reductions will range from 5 per cent of base pay for mid-level employees to as much as 25 per cent for Chief Executive Pat Gelsinger, while the company’s hourly workforce’s pay will not be cut, a person familiar with the matter told Reuters.
“Changes are designed to impact our executive population more significantly and will help support the investments and overall 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 is “focused on identifying cost reductions and efficiency gains through multiple initiatives, including some business and function-specific workforce reductions in areas across the company”.
“These are difficult decisions, and we are committed to treating impacted employees with dignity and respect,” Intel said in a statement. The company announced new layoffs in the Worker Adjustment and Retraining Notification (WARN) notice.
The WARN Act requires employers to provide a 60-day notice to workers and state officials of mass layoffs. As per report, the company first sent a WARN Act notice on December 2 that it planned to “lay off about 111 workers at its 1900 Prairie City Drive facility starting on January 31″
(With inputs from agencies)
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