Thread regarding GlobalFoundries layoffs

Info

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.

This is excellent info from @xms+1jGBA5RG. I thought it belonged in a thread of its own so more could read it.

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| 1901 views | | 6 replies (last November 15, 2022) | Reply
Post ID: @OP+1jHXxxgj

6 replies (most recent on top)

oh shoot!! meaning all the executives will be fired including TC, who will run the company then,

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Post ID: @1byt+1jHXxxgj

Get your facts straight! It's the PIVOT Act.

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Post ID: @vsm+1jHXxxgj

while it's believable to some extent, the "50 years" thing is probably nothing more than a rumor. So many hammers would come down on GF from the state and federal levels if there was legitimate evidence they targeted people based on age. Of course this could be repackaged by targeting people based on salary or performance (assuming older people make more), but there's too many young high performers that have been coaxed into staying for $

but who even knows at this point? too many conflicting info being posted here, lots of frantic posts

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Post ID: @zah+1jHXxxgj

In NY 250 employees at once site will trigger WARN

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Post ID: @xuk+1jHXxxgj

500 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

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Post ID: @ybi+1jHXxxgj

If it were 500 they’d have to give three months notice instead of two

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Post ID: @xyc+1jHXxxgj

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