Chip-maker Intel is laying off nearly 340 employees at one of its campuses in the US. However, the company has announced the layoffs through the Worker Adjustment and Retraining Notification (WARN) notice.
According to the WARN Act requires employers to provide a 60-day notice to workers and state officials of mass layoffs.
“All impacted employees are being notified of separation with at least 60 days’ notice, with the first separations presently scheduled to occur during a 14-day period commencing on March 15, 2023,” the notice read.
“These are difficult decisions, and we are committed to treating impacted employees with dignity and respect,” Intel said in a statement.
“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.
Intel Pay Cuts: CEO to take 25% cut
Intel has announced that the company has reduced the salaries of management, senior staff, and the CEO so that the company can preserve cash for investment.
The company’s Chief Executive Officer (CEO) Pat Gelsinger’s base salary will be reduced by 25%. Additionally, the executive leadership team’s pay will be decreased by 15%.
Followed by Senior managers will receive a salary reduction of 10% and mid-level managers’ salary cut will be by 5%. The reduction is effective March 1.
In 2023 January, 154 tech companies including Google reportedly laid off nearly 55,225 in just 21 days. Earlier in November Amazon announced that will be layoff 10,000 employees. However, the company further added 8,000 employees, and the total layoffs were announced as 18,000 employees.
Intel has joined other Major-Tech companies like Wipro, Microsoft, Salesforce, Cisco Systems Inc, and Microsoft that have laid off more than 60,000 employees.