This is what happens when private equity takes over a company. I recently read that Intel is not offering severance of any kind on the current layoffs. I left in 2015 after 25 years. Intel gave me a full year salary, 18 months health insurance etc. I had a dignified exit. The current situation is just cruel.
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@h6 wrong
The Intel VP of HR stated that there are packages.
This isn't complicated. When you work for a company, they pay you. When the company no longer needs your services, you are let go and you don't get paid.
This idea that the company somehow 'owes' you a huge package when you get laid off is a construct. You may believe it is 'fair' to get a package. And yet again, it is more then 'fair' to believe you should not get any more pay since you no longer work there.
What isn't true is that you should be the one who get's to say what is 'fair'.
@af Intel… lying? No, that’s impossible. They’ve always been very forthright with all of their information. They would never do that.
Lmao
@ar but.... The trolls are having too much fun.
Companies in a death spiral towards bankruptcy typically do not offer severance packages near the end time.
@av You'll get a better response if you don't insult everyone in your question. Personally I don't like to give advice to people who lump me in "supposedly intelligent." It's not hard to have reasonable, intelligent conversations here. Just don't be a d*ck.
What is the best time to get laid off and still get a package, but also still collect some paychecks? At some point the work might also disappear and we are just coming in and getting paid. Don't side-track this by saying now bc the job market will get worse. This is a very simple question and I am concerned from past experience with this particular audience that it will get side tracked. Then I will be left wondering if the supposedly intelligent audience comprehended the simple question in the first place.
They aren’t saying anything because they don’t want riots to break out on site
@a9 I worked in TD in Hillsboro. LTD management deteriorated during 14nm development, which is when I left. Most of my Intel friends who are still there tell me that morale is awful. Intel’s best decade was the 90’s. I worked 6 days a week along with my PTD colleagues. Parking lots were mostly full on the weekends. We were winning and having fun. By 2000 most of my group had become millionaires through stock appreciation. Hard to imagine the stock is worth less than it was 25 years ago.
@a4 Stop spreading disinformation. The package is the same as last year, at least in the US.
@a6 Why not let everyone know the package they will get if they are laid off? Why is that a secret? It’s just plain cruel.
@ak it is the same
My PACKAGE is bigger than your package !!
Do not spread the rumor, packages are generous, better than most companies. This year pay raise is better than most companies as well.
A package does not mean it’s the same as the one in 2024
@ac on circuit they confirmed everyone impacted will receive a package. Then they included the "wiggle word" statement of "the package 'may' include financial payouts." So employees are once against n left wondering if theyll get a payout. Even when they half-@ss attempt to "reassure" employees, they muck it up and just scare people more.
@af I have no doubt that because of the way it is being handled, many are misinterpreting what they are reading.
High level admins have made misstatements.
In the past this was usually driven as a single policy by Corp, but many business units were very unhappy about that and look to have been given discretion.
The actual package may prove be the same for every group, but how it applies is clearly being left to the BUs.
@ab Your GL doesn't know.
@ae well if that is the case we are being lied to on internal comments on circuit
@ac Check again. Decisions about who gets the package are group-specific.
True, the fabs are where at least half the reductions are taking place, so maybe you don't care about other groups, but even at the fabs, some will not get the package.
HR is quite busy seeking out those to be terminated for cause. That is their main contribution during these worker-fun events, and they are exiting people on a daily basis at this point. Those people and the performance related folks do not get a package, and may not get unemployment depending on their state.
Others are needed in the short term, so are getting a 60 day notice in lieu of a package. They also are not reported to WARN due to the 2 month notice.
Maybe if or when the company is profitable again, the more generous separations will return, but I think this is the new Intel.
@ac you’re mistaken
@ab check circuit. There is a package for all.
There is no severance this time around, confirmed by my GL (TD)
This is not true. Severance is being offered.
Intel was still in good shape during your time 10 years ago OP. Be glad that you did destroy it until the id--ts took over and have been causing destructions. That is how id--ts are robbing their family members for their profits.
@a2 Considering the scale of what is happening the company appears to be communicating what it can.
Various top mgt have said they are going to stop providing speculation and instead focus on announcements which are based on final decisions or actions. This is what that looks like.
I also think that so many entire groups are being pushed out, that the CEO and others want to wait till everyone is notified or even gone before discussing in any detail what they are doing. Again, they want to let their actions be the communication.
People being pushed out seem likely to complain either way. Fair enough.
It’s white US retirees like this OP who have helped bankrupt this company. A year’s salary for some old retiree? What a laugh. Glad that the H1Bs have taken over the company.
@a1 Severance packages are not the same as last year, and depending on the group there are some who are being walked with no package and some being given 60 days notice in lieu of a package.
This time its different.
When PE takes over a company?
OP is prob a bot
".. overall this layoff is being handled poorly with little transparency..."
that's just part of setting the tone for the current and future operation of the company.
the past is long gone at this point, as the money has left Intel long ago
Severance packages are the same as last year and pretty decent. But you’re right that overall this layoff is being handled poorly with little transparency.