If reports are to be believed, the executive leadership would undergo 15% pay cut, senior and mid-level managers would receive a pay cut of 10% and 5% respectively to their base salary.
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Layoff News: After laying off hundreds of employees, chipmaker giant Intel has slashed salaries of management, and senior staff, including the CEO. The company said that its Chief Executive Officer (CEO) Pat Gelsinger is taking a 25% cut to his base salar
“As we continue to navigate macroeconomic headwinds and work to reduce costs across the company, we’ve made several adjustments to our 2023 employee compensation and reward programme”, a statement issued by Intel read.
The company asserted that these changes have been made to achieve its long-term strategy. Moreover, it would help the firm support investments, and workforce and accelerate the transformation.
If reports are to be believed, the executive leadership would undergo 15% pay cut, senior and mid-level managers would receive a pay cut of 10% and 5% respectively to their base salary.
However, employees below the seventh tier and hourly wage workers would not be impacted by these pay cuts.
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Earlier last month, Intel began layoffs and offered thousands of manufacturing employees globally three months of unpaid leave as it aimed to weather the poor sales amid global macroeconomic conditions.
According to the company’s “Worker Adjustment and Retraining Notifications”, 111 employees were laid off at Intel’s Folsom, California location while “90 employees were asked to go from Santa Clara location, where the company is headquartered”.
