Earlier reports in February said that an American multinational corporation and technology company Intel Corp will reduce the salary of 5% of base pay for mid-level employees and a 25% reduction in CEO Pat Gelsinger’s salary.
“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 rewards programs,” Intel said in a statement.
“These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy”, the statement added.
Now, In December the company will provide all eligible employees with restricted stock units (RSU) as compensation. By providing restricted stock units (RSU), Intel is likely to boost employee morale and show that they value the hard work of their staff.
Other IT Companies on Salary Hike
Tech Mahindra defers salary hikes for senior employees due to a huge drop in net profile in Q1FY24. Wipro has also announced a delay in its wage hike cycle for the fiscal year.
Wipro has announced that it has postponed the salary hike of its employees to the 3rd quarter, the salary hike given in September last year will be postponed to the October-December quarter. HCLTech has deferred salary hikes for their employees by one quarter.
Infosys has deferred the salary hikes of its employees which it usually rolls out from April for its employees below the senior management level. Usually, Infosys rolls out pay hikes for employees below the senior management level in the month of June quarter, but employees yet have not received any communication from the company.
TCS has rolled out an annual salary increase with effect from April 1st. The company has given a 12-15% raise for exceptional performers in the latest annual compensation review and also commenced the promotions cycle