But, in perhaps a rougher note still, reports noted that there will be neither “voluntary buyouts” nor “early retirement packages” offered. Rather, Intel will be firing employees “…based on performance evaluations and strategic priorities,” reports noted.
https://www.tipranks.com/news/new-hirings-big-firings-give-intel-stock-nasdaqintc-a-hefty-surge#google_vignette
In Ireland it going to be just statutory redundancy this time around unfortunately.
Two week's pay for every year of service &
One additional week's pay on top.
You heard it here first !
I’m hearing noises that foundry will have no severance packages.
Is this true? Is the same applying corporation wide?
@ba strategic priority!!
@b5 The Roc is not necessary. They proven this over the years as they take less and less and less task giving more and more for the MTs to do. They keep saying what they can't do. We can't do this and we can't do that. We'll this is what happens when you refuse to do your job. You job is eliminated.
@av You sound like an entitled American. Slaves..? Slaved don't get good pay and good bennifits.
@ab Its not a lie. Strategic priority. That is the justification for shutting down departments with no low performers.
This was the policy that should have been in place years ago.
Board and ELT have treated Intel like a charity and ruined the company.
@av you can tell you’re an Intel lifer. How long have you been at Intel? The company doesn’t owe you any loyalty, especially when you consider the current state of Intel and just where the current Intel-born workforce has gotten the company
@as its not the cuts the company can't recover from, its not being innovative that they can't recover from
@av There is no place for emotions or either link between employer and employee in big corporations. You would name Intel employees the same way as HR always names them: "work force" or "labor force" and look at people only from the point of wafer cost (~10%) as your business unit manager sees employees.
@b0 what about the ROC then
This article has to be the least informative AI regurgitation seen recently.
Thank You Captain Obvious.
@b0 This isn't true. The techs in the ROC are being let go
@av who does having a “link” matter? It’s better if they don’t, otherwise you get people like Pat who love to hang onto dead weight people / ideas jist for the sake of the Intel Family (lol)
@av You are absolutely correct, Non-Executive Intel employees are just numbers.
We were informed no techs in F24/f34 will be ISP,d is this the case in other fabs ?
The new CEO and new leaders are not Intel born. They do not have the link with Intel employees, either technically or emotionally. They just treat employees as slaves or commodity which can be cut at their own will.
@a8 .. they made the same mistake twice. During 2016 3/4 of the people who left were VSP or ERP and the company never fully recovered from it. 2024 was another huge hit and the company hasn't had time to even comprehend the impact and here we are at another but cut.
This is false. Some groups are being wiped out entirely. Others, will have a 20% cut were no one is underperforming but cuts still have to happen. Semiconductor has been like this since the 90s
They were burned when they let critical folk leave through vsp/erp the last round. They don't want to make that mistake again
There is nothing new in this article. The stock with have short lived pops when the big layoffs are announced but Intel doesn't have anything to deliver that will sustain the the stock price increases. It will take Intel a while to learn how to work with a smaller workforce so there will be 4-6 months of reorgs and then another round of layoffs.
It appears like no one is rushing in to sign up for 18A including Intel's own products. Intel's products are at best stale. Incremental updates of the same old thing. Market share, margins, and revenue will likely continue to drop.
In general, people consider that everyone was fired when their is a layoff whether they left voluntarily (vsp/erp) or involuntary (isp/fired). Read posts on this site regarding ACT and you will see that sentiment exists here too.