My guess is 249 people and a 60 day severance….
What are your predictions?
18 replies (most recent on top)
I predict severance will not be even close to META/Facebook. 16 weeks pay + 2 weeks for each year worked. Health insurance coverage continues for 6 months.
GF can't compete in anything.
250 or more Employees would trigger the NYS 90 day WARN Act. As of now, GF has not notified NYS, formally.
You can can keep track as to If/when this happens at this link to WARN Act Notifications.
You can also contact NYD Dept. of Labor with any questions/concerns during this process. There is advocacy available to NY residents/employees. Be sure to document ALL discussions and communications with your Management and HR department.
https://dol.ny.gov/warn-notices
Information on the specific WARN:
The WARN Act applies to private businesses with 50 or more full-time employees in New York State. It covers:
Closings affecting 25 or more employees
Mass layoffs involving 25 or more full-time employees (if the 25 or more employees make up at least 33% of all the employees at the site)
Mass layoffs involving 250 or more full-time employees
Certain other relocations and covered reductions in work hours
This means that covered businesses must provide all employees with notice 90 days prior to a:
Plant closing
Mass layoff
Relocation
Other covered reduction in work hours
Businesses that do not provide notice may be required to:
Pay back wages and benefits to employees
Pay a civil penalty
Businesses must give notice to:
All affected employees
Any employee representative(s)
The New York State Department of Labor (DOL)
The Local Workforce Development Board (LWDB)
The chief elected official of the unit or units of local government where the site of employment is located
The school district or districts where the site of employment is located
Each locality that provides police, firefighting, emergency medical or ambulance services, or other emergency services, to the locale where the site of employment is located
Early warning gives the DOL and the LWDB the chance to work with the business early on and provide employees with information about:
Unemployment Insurance (UI)
Workforce Programs
Resources designed to get employees back to work quickly
Early warning also benefits the business. It can shorten the time that employees are on UI. It therefore may lower the UI charges associated with the layoff or closing.
It is strongly encouraged that employers submit their WARN notices by email to WARN@labor.ny.gov. Notice by employers to the Department of Labor can also be mailed to:
New York State Department of Labor - WARN Unit
Building 12, Room 425
State Office Campus
Albany, New York 12226
Or those silent stealth layoffs where you were working with some on a Friday and come back on Monday and poof gone. No mention of it. No announcement just poof gone.
don't forget "work smart" when they spaced out layoffs and were able to stay below reporting thresholds
Yeah 100 million from Labor. Which needs roughly 1000.
Doesn’t the 200 million cost cut include cost savings projects and not just labor? Wouldn’t you think 100 million from labor?
I am sure this layoff will be larger or similar to 7nm Pivot.
Work back from $200M/yr. Using round numbers, say pay & bemefits are $100k. That’s 2,000 people. Fab 10 hopefully counts for 1056 of them (from WARN filing). That leaves 950 from elsewhere.
I will be happy if I can get 8 week severance package. I may get offer for volunteer retirement package as I will turn 55 next Jan 23. Not sure which is better..
I think it’s gonna be larger than the 7 nm pivot. Malta most affected. WARN Act won’t matter since the they will give enough severance beyond the notify date. That said, severance will be poor, perhaps 8 weeks tops, lose all unvested stock
Heard Wolf speed is coming in Malta for recruitment in Nov last week. Mostly focus on PT/MT and 30-40% bump on compensation. Let us be on look out.
@xms+1jGBA5RG
500 from Malta alone would trigger NYS 90 Day WARN Act and would free up approx 40MM to 50MM in Annual compensation. . Neither of which will happen. My money is on a 5% headcount reduction in Malta. Singapore/Burlington will absorb the biggest hit.
Look for ads in local paper recruiting.
Thanks. I want to take retirement package this time if I survive layoff. Heard GF wants volunteer retirement to be attractive and may make severance package more attractive such as 12 weeks to 16 weeks flat for all . Let us see..
Agree with you. GF will be more like Tower with focus on niche and mature technology. Tower did well to get integrated with Intel as Intel was looking to spearhead foundry leadership. Hope Mubadala can find some good buyer for GF before it’s stock crashes below IPO forcing big sell off.
Based on reliable sources Malta alone is close to 500. Employees with 50+ years of age will be selected mostly from AME and integration. Also heard there will be volunteer retirement offer just like previous years for people reaching 55 years and above in 2023. Layoff numbers overall could be smaller if more senior employees are cut as that will aid meet cost savings target. Managers and directors will be targeted in an effort to make org leaner. TC and PB want to take this opportunity to hit the employee reduction target that Mackenzie recommended to hit the cost metric as event attrition more than 20% did not yield the target yet. Heard it requires targeted reduction as mostly talented employees keep leaving company making attrition higher and causing backfill trigger due to key requirements on those positions. So far they see new employees with lower salary able to do the job just fine as most of the GF tech is mature technology and does not need expertise and experience going forward. Recent exercise on redefinition of company vision is clearly the guiding pole which does not indicate world like words cutting and bleeding edge anymore. GF envisions itself to be bottom feeder foundry employing mature tech 14 nm and higher to serve second and third tier customers and do it sustainably while searching for opportunities in photonics and low tech 2.5 D packagings if customer want. Overall this model works in normal economic environment but will be tested in big way in coming tough economic environment. Hope this helps.
I think that number would be from Malta alone and more at other sites. I think severance will be less personally
Been checking the WARN act database. Nothing for NY filed with the exception of the Fishkill site..