Intel Makes Cost-Cutting Measures: Layoffs, Pay Cuts, Reduced Perks

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Chan"},"author":[{"@type":"Person","name":"Emma Cosgrove","sameAs":"https://www.businessinsider.com/author/emma-cosgrove"},{"@type":"Person","name":"Helen Li","sameAs":"https://www.businessinsider.com/author/helen-li"}],"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"Intel makes cost-cutting measures: layoffs, pay cuts, reduced perks","alternativeHeadline":"Intel employees face 'setbacks' as the company slashes staff, pay, and perks","image":{"@type":"ImageObject","url":"https://i.insider.com/67213420a0a0cc14f224b35d?width=1200&format=jpeg","width":1200,"height":900,"caption":"Intel CEO Pat Gelsinger delivers a speech at Taipei Nangang Exhibition Center during Computex 2024, in Taipei on June 4, 2024."},"name":"Intel employees face 'setbacks' as the company slashes staff, pay, and perks","datePublished":"2024-10-31T09:00:01Z","dateModified":"2024-10-31T14:12:27Z","description":"Intel employees faced pay cuts and layoffs, causing an uproar over forfeited stock bonuses and shrinking perks as the company navigated a tough market.","keywords":"Intel, Layoff, Layoffs","articleBody":"January 2023 was a different world for the top American semiconductor companies.Nvidia closed the month trading at $19.52 after reporting revenue down 21%. AMD traded at nearly four times the price of Nvidia.At the time, Intel CEO Pat Gelsinger made a rare move. He took a 25% pay cut and asked much of his higher-level staff to take cuts of between 5% and 15% as part of a comprehensive cost-cutting effort. He restored the affected paychecks later that year.To compensate for lost wages, the company promised a \"thank you\" bonus in the form of one-time restricted-stock-unit grants, worth thousands for some, two sources said. The grants would be awarded in December 2023 and vest in December 2024.Since then, the chip industry saw a changing of the guard as Nvidia ushered in the AI boom. Layoffs and buyouts followed for Intel, as it announced in August that it would shed 15,000 employees via voluntary separation agreements and layoffs. The affected employees were set to leave the company just a few months before the \"thank you\" RSUs were vested. Uncertainty about their bonuses was one of the many setbacks, along with budget cuts and layoffs, that Intel employees had to deal with in recent years.A new round of layoffs began earlier this month after Gelsinger announced a turnaround plan in September to help the company become more capital-efficient.\"We are executing on our previously announced cost action plan while maintaining competitive compensation and benefits programs,\" an Intel spokesperson said. \"The actions we are taking are intended to make us a leaner, more efficient company and position the business for long-term success.\"Business Insider spoke with eight current and former Intel employees for this report. They asked to remain anonymous to discuss internal matters as some still work at the company.Most employees who took the voluntary severance had target end dates around September 30. Laid-off workers are set to largely be out by the end of November, according to WARN notices and LinkedIn posts by affected employees.\"We had so much hope,\" one engineer said of Gelsinger's return to the company in 2021 and his road map. \"Setbacks are understandable, but what is leadership going to do?\"After Intel announced the upcoming wave of layoffs in August, the company issued employees with a sheet of FAQs, referring to an existing policy that said unvested RSUs are forfeited and returned to the company on an employee's last day. In other words, departing employees would not get their \"thank you\" shares.What followed was an \"uproar,\" said three Intel employees who had taken the voluntary buyout offer or had been notified they'd be laid off. Intel employees left frustrated comments underneath the FAQs on the company's internal network, two departing workers said.The issue eventually came up at a weekly Q&A with Gelsinger, one of the two employees said. Under pressure, the company changed course.One laid-off Intel worker said departing employees affected by the pay cuts in 2023 would now receive a cash equivalent of the stock price on December 3 and be paid the next payday.\"It was more a general uproar over the fact that, at least for the involuntary folks, that Intel would be screwing people out of the cash — in particular after doing so many 'petty' level cuts over the past few months,\" the same laid-off employee said.\"We were here that whole year and made the sacrifices,\" another former employee said.Intel sent out a slideshow with information on cuts to employee benefits upon the August announcement of the coming layoffs.Intel announced it would reduce its global real-estate footprint by two-thirds and consolidate its more concentrated hubs, according to a slide obtained by BI. The gym on-site would no longer offer personal-training services. The slide also said reimbursement of internet, phone, and commuting costs would be reduced or eliminated.In September, signs went up in at least one Oregon office informing employees that fruits and beverages would no longer be free.\"That's petty, right? How much does one piece of fruit per day cost?\" one former employee told BI.A current Intel employee in Oregon said their floors were consolidated recently so that \"we can turn off the AC and lights\" on the others.The cuts impacted bigger perks, too. An Intel employee would be eligible for a four-week sabbatical after every four years of work or eight weeks after seven years. The slide said the sabbatical benefit had been reduced to one month after seven years of service — leading to frustration from some employees who were set to take them soon and now must wait, one departing employee said.Employees could also previously take a corporate air shuttle that facilitated transportation and collaboration between certain company sites in Arizona, California, and Oregon. Now the shuttle has been suspended.The timing of the cuts also made it difficult to plan retirement parties for employees — a tradition at the company. One retired Oregon Intel employee told BI that the internal employee forums contained an updated list of FAQs in September for those who'd chosen the voluntary buyout. Employees were encouraged to initiate happy hours among themselves and to avoid the word \"celebration\" despite a tradition of setting aside company funds for retirement parties.\"You don't want to say, 'Oh, we're celebrating this person and spending money, but we're also going to lay off all these other people,\" said a long-tenured employee taking the buyout. \"But it was still hard to see managers consider just sending an e-card.\"Intel has long trailed other tech giants when it comes to take-home compensation.Securities and Exchange Commission filings for Intel, AMD, Microsoft, Nvidia, and Qualcomm show median compensation over the past five years has increased at least 12% or, in some cases, much more in all of those companies except Intel, where median compensation has increased 4%.One Intel veteran who took the buyout told BI the company's benefits beyond the norm helped keep employees loyal even though pay was lower than some peers. Tech companies across the industry have also been slashing employee perks.Some Intel employees, especially those with the company for decades, are leaving with impressive payouts. Two employees said they'll receive 19 months of severance pay on top of some longevity rewards and sabbatical benefits that will be paid out on top.In addition to periodic paid sabbaticals, Intel employees reached a new tier of benefits when their age, combined with their years of service, reached 55 and then 75, one employee said. The \"Rule of 75\" is of a bygone era when corporations offered hearty pensions. Intel employees who joined the company before it closed its pension plan to new entries in 2011 still get payouts.Even beyond the lifers receiving last decade's benefits, not all departing employees are bitter.\"Intel has been generous when they did not have to be,\" one laid-off employee said of the severance package offered.Intel's shares dropped to their lowest values in a decade in September, and the company may be removed from the blue-chip index — an index that tracks the most stable companies. The company reports third-quarter earnings on Thursday.Are you leaving Intel too? Or sticking around? Got a tip or an insight to share? Contact BI's Emma Cosgrove at ecosgrove@businessinsider.com or use the secure messaging app Signal: 443-333-9088.Contact Helen Li at hli@insider.com or use the secure messaging app Signal with the username hliwrites.99.","articleSection":"Tech, AI, Enterprise","isAccessibleForFree":false,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":false,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://www.businessinsider.com/","name":"Business 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class="col-12"> <article class=""> <section class="post-headline-wrapper " id="post-headline" > <div class="post-meta"> <span class="post-breadcrumbs headline-regular "> <a href="/tech" class=" breadcrumbs-no-spacer" data-track-click="{"product_field":"Tech","element_name":"breadcrumbs","event":"navigation"}" > Tech </a> </span> </div> <h1 class="post-headline ">Intel employees face 'setbacks' as the company slashes staff, pay, and perks</h1> </section> <section class="byline-wrapper "> <div class="byline " data-e2e-name="byline" > <div class="byline-content" data-e2e-name="byline-content" > <div class="byline-row"> <div class="byline-author-container"> <div class="byline-author headline-regular"> <span class="" data-e2e-name="Emma Cosgrove" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/emma-cosgrove" >Emma Cosgrove</a></span> and <span class="" data-e2e-name="Helen Li" > <a class="byline-link 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headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">Intel CEO Pat Gelsinger during Computex 2024 in Taipei, Taiwan, in June.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > <a href="https://www.gettyimages.com/detail/news-photo/intel-ceo-pat-gelsinger-delivers-a-speech-at-taipei-nangang-news-photo/2155355520?adppopup=true" class="image-source-link not-content-link" rel="nofollow" > I-Hwa CHENG / AFP </a> </span> </span> </figcaption> </span> </figure> <div class="inline-backup-paywall desktop" data-component-type="inline-backup-paywall" style="display:none"> <span class="headline-semibold subscription-msg">This story is available exclusively to Business Insider subscribers. <a href="/subscription" class="subscription-link">Become an Insider</a> and start reading now.</span> <span class="headline-regular login-prompt">Have an account? <button class="login-prompt-btn">Log in</button>.</span> </div> <div> <section class="post-content typography " data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-1" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-1/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-1" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-1/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-1","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-not-lazy="" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><ul class="summary-list"><li>Some Intel employees received pay cuts in 2023 to reduce costs and avoid layoffs.</li><li>Intel announced layoffs this year, affecting employees' promised stock bonuses.</li><li>Cost-cutting changed the status quo of perks and benefits at Intel.</li></ul><p>January 2023 was a different world for the top American semiconductor companies.</p><p>Nvidia closed the month trading at $19.52 after reporting revenue down 21%. AMD traded at nearly four times the price of Nvidia.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-2" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-2/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-2" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-2/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-2","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>At the time, Intel CEO Pat Gelsinger made a rare move. He took a <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-takes-pay-cut-reduce-costs-prevent-layoffs-2023-2" data-analytics-product-module="body_link" rel="">25% pay cut</a> and asked much of his higher-level staff to take cuts of between 5% and 15% as part of a comprehensive cost-cutting effort. He restored <a target="_blank" class="" href="https://www.oregonlive.com/silicon-forest/2023/02/intel-says-pay-cuts-are-temporary-will-begin-reversing-them-later-this-year.html" data-analytics-product-module="body_link" rel=" nofollow">the affected paychecks</a> later that year.</p><p>To compensate for lost wages, the company promised a "thank you" bonus in the form of one-time restricted-stock-unit grants, worth thousands for some, two sources said. The grants would be awarded in December 2023 and vest in December 2024.</p><p>Since then, the chip industry saw a changing of the guard as Nvidia ushered in the AI boom. Layoffs and buyouts followed for Intel, as it announced in August that it would shed <a target="_blank" class="" href="https://www.businessinsider.com/intel-qualcomm-takeover-bid-layoffs-foundry-spin-off-2024-9" data-analytics-product-module="body_link" rel="">15,000 employees</a> via voluntary separation agreements and layoffs. The affected employees were set to leave the company just a few months before the "thank you" RSUs were vested. Uncertainty about their bonuses was one of the many setbacks, along with budget cuts and layoffs, that Intel employees had to deal with in recent years.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-3" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-3/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-3" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-3/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-3","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>A new round of layoffs began earlier this month after Gelsinger announced a <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9" data-analytics-product-module="body_link" rel="">turnaround plan</a> in September to help the company become more capital-efficient.</p><p>"We are executing on our previously announced cost action plan while maintaining competitive compensation and benefits programs," an Intel spokesperson said. "The actions we are taking are intended to make us a leaner, more efficient company and position the business for long-term success."</p><p>Business Insider spoke with eight current and former Intel employees for this report. They asked to remain anonymous to discuss internal matters as some still work at the company.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-4" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-4" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Most employees who took the voluntary severance had target end dates around September 30. Laid-off workers are set to largely be out by the end of November, according to WARN notices and LinkedIn posts by affected employees.</p><p>"We had so much hope," one engineer said of <a target="_blank" class="" href="https://www.businessinsider.com/intel-pat-gelsinger-20-billion-manufacturing-factories-fabs-semiconductors-2021-3" data-analytics-product-module="body_link" rel="">Gelsinger's return</a> to the company in 2021 and his road map. "Setbacks are understandable, but what is leadership going to do?"</p><h2 id="2fb124e0-92af-46c8-937c-d564c046f3d6" data-toc-id="2fb124e0-92af-46c8-937c-d564c046f3d6">'Thank you' bonuses</h2><p>After Intel announced the upcoming wave of layoffs in August, the company issued employees with a sheet of FAQs, referring to an existing policy that said unvested RSUs are forfeited and returned to the company on an employee's last day. In other words, departing employees would not get their "thank you" shares.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-5" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-5" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>What followed was an "uproar," said three Intel employees who had taken the voluntary buyout offer or had been notified they'd be laid off. Intel employees left frustrated comments underneath the FAQs on the company's internal network, two departing workers said.</p><p>The issue eventually came up at a weekly Q&A with Gelsinger, one of the two employees said. Under pressure, the company changed course.</p><p>One laid-off Intel worker said departing employees affected by the pay cuts in 2023 would now receive a cash equivalent of the stock price on December 3 and be paid the next payday.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-6" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-6" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>"It was more a general uproar over the fact that, at least for the involuntary folks, that Intel would be screwing people out of the cash — in particular after doing so many 'petty' level cuts over the past few months," the same laid-off employee said.</p><p>"We were here that whole year and made the sacrifices," another former employee said.</p> <section class="dad-related-posts-component at-inline related-posts " data-component-type="dad-related-posts" data-delay-third-party-scripts="true" data-size="2" data-container-index="in_content_recirc_1" data-included-verticals="tech" data-placement="inline" data-prevent-collision="true" data-excluded-verticals="bi-video" data-root-margin="250px 0px" data-track-view="{"event":"module_in_view","element_name":"in_content_recirc","subscription_experience":"bi_value_unassigned","product_field":"in_content_recirc_1"}"> <div class="content-recommendations-title-container"> <h2 class="content-recommendations-title headline-semibold ignore-typography "> Related stories </h2> </div> <div class="dad-related-posts-container content-recommendations-container"></div> </section><h2 id="0a5798e6-636d-482d-8a0f-47585c3de10f" data-toc-id="0a5798e6-636d-482d-8a0f-47585c3de10f">Shrinking perks</h2><p>Intel sent out a slideshow with information on cuts to employee benefits upon the August announcement of the coming layoffs.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-7" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-7" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Intel announced it would reduce its global real-estate footprint by two-thirds and consolidate its more concentrated hubs, according to a slide obtained by BI.<strong> </strong>The gym on-site would no longer offer personal-training services. The slide also said reimbursement of internet, phone, and commuting costs would be reduced or eliminated.</p><p>In September, signs went up in at least one Oregon office informing employees that fruits and beverages would no longer be free.</p><p>"That's petty, right? How much does one piece of fruit per day cost?" one former employee told BI.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-8" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-8" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>A current Intel employee in Oregon said their floors were consolidated recently so that "we can turn off the AC and lights" on the others.</p><p>The cuts impacted bigger perks, too. An Intel employee would be eligible for a four-week sabbatical after every four years of work or eight weeks after seven years. The slide said the sabbatical benefit had been reduced to one month after seven years of service — leading to frustration from some employees who were set to take them soon and now must wait, one departing employee said.</p><p>Employees could also previously take a corporate air shuttle that facilitated transportation and collaboration between certain company sites in Arizona, California, and Oregon. Now the shuttle has been suspended.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-9" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-9" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>The timing of the cuts also made it difficult to plan retirement parties for employees — a tradition at the company. One retired Oregon Intel employee told BI that the internal employee forums contained an updated list of FAQs in September for those who'd chosen the voluntary buyout. Employees were encouraged to initiate happy hours among themselves and to avoid the word "celebration" despite a tradition of setting aside company funds for retirement parties.</p><p>"You don't want to say, 'Oh, we're celebrating this person and spending money, but we're also going to lay off all these other people," said a long-tenured employee taking the buyout. "But it was still hard to see managers consider just sending an e-card."</p><h2 id="6a63ad23-2f60-42b0-b982-7e86471efbb1" data-toc-id="6a63ad23-2f60-42b0-b982-7e86471efbb1">Bygone benefits</h2><p>Intel has long trailed other tech giants when it comes to take-home compensation.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-10" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-10" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p><span>Securities and Exchange Commission</span> filings for Intel, AMD, Microsoft, Nvidia, and Qualcomm show median compensation over the past five years has increased at least 12% or, in some cases, much more in all of those companies except Intel, where median compensation has increased 4%.</p><p>One Intel veteran who took the buyout told BI the company's benefits beyond the norm helped keep employees loyal even though pay was lower than some peers. Tech companies across the industry have also been <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-workers-pushed-limits-of-perks-benefits-pampering-over-2024-10" data-analytics-product-module="body_link" rel="">slashing employee perks</a>.</p><p><a target="_blank" class="" href="https://www.businessinsider.com/intel-buyouts-new-ventures-philanthropy-wedding-planning-2024-10" data-analytics-product-module="body_link" rel="">Some Intel employees</a>, especially those with the company for decades, are leaving with impressive payouts. Two employees said they'll receive 19 months of severance pay on top of some longevity rewards and sabbatical benefits that will be paid out on top.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-11" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-11" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>In addition to periodic paid sabbaticals, Intel employees reached a new tier of benefits when their age, combined with their years of service, reached 55 and then 75, one employee said. The "Rule of 75" is of a bygone era when corporations offered hearty pensions. Intel employees who joined the company before it <a target="_blank" class="" href="https://www.sec.gov/Archives/edgar/data/50863/000005086320000020/a401kdocument12312019.htm#:~:text=As%20of%20January%201%2C%202011,or%20after%20the%20effective%20date." data-analytics-product-module="body_link" rel="">closed its pension plan</a> to new entries in 2011 still get payouts.</p><p>Even beyond the lifers receiving last decade's benefits, not all departing employees are bitter.</p><p>"Intel has been generous when they did not have to be," one laid-off employee said of the severance package offered.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-tech-desktop_in_post_ad-desktop-fluid-12" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-12" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/tech","region":"Desktop In Post Ad","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Intel's shares dropped to their lowest values in a decade in September, and the company may be <a target="_blank" class="" href="https://www.reuters.com/technology/intels-dow-status-under-threat-struggling-chipmakers-shares-plunge-2024-09-03/" data-analytics-product-module="body_link" rel=" nofollow">removed from the blue-chip index</a> — an index that tracks the most stable companies. The company reports third-quarter earnings on Thursday.</p><p><strong><em>Are you leaving Intel too? Or sticking around? Got a tip or an insight to share?</em></strong> <em>Contact BI's Emma Cosgrove at </em><a target="_blank" href="mailto:ecosgrove@businessinsider.com" data-analytics-product-module="body_link" rel=" nofollow"><em><u>ecosgrove@businessinsider.com</u></em></a><em> or use the secure messaging app Signal: 443-333-9088.</em></p><p><em>Contact Helen Li at </em><a target="_blank" href="mailto:hli@insider.com" data-analytics-product-module="body_link" rel=" nofollow"><em><u>hli@insider.com</u></em></a><em> or use the secure messaging app Signal with the username hliwrites.99.</em></p> </div> </div> </div> </section> </div> <section class="post-content-more"> <section class="dad-related-posts-component at-post-bottom related-posts" data-component-type="dad-related-posts" data-delay-third-party-scripts="true" data-size="3" data-container-index="" data-included-verticals="tech" data-placement="post-bottom" data-excluded-verticals="bi-video" data-root-margin="250px 0px" data-track-view="{"element_name":"end_of_article_recirc","product_field":"bi_value_unassigned"}" > <div class="content-recommendations-title-container"> <h2 class="content-recommendations-title headline-semibold ignore-typography "> Read next </h2> </div> <div class="dad-related-posts-container content-recommendations-container"></div> </section> </section> <section class="category-wrapper headline-regular" data-track-click-shared="{"product_field":"bi_value_unassigned","event":"navigation","element_name":"category_link"}" > <a class="category-link not-content-link" href="/category/intel" data-track-click >Intel</a> <a class="category-link not-content-link" href="/category/layoff" data-track-click >Layoff</a> <a class="category-link not-content-link" href="/category/layoffs" data-track-click >Layoffs</a> </section> <div class="ad-callout-wrapper only-mobile"> <div class="ad-label headline-regular only-mobile">Advertisement</div> <div data-bi-ad id="gpt-post-tech-mobile_article-mobile-fluid-1" class="ad ad-wrapper fluid only-mobile" data-force="" data-type="ad" data-adunit="businessinsider.mobile/post/after-content/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Mobile Article" data-responsive="[{"browserLimit":[0,0],"slotSize":[[320,50],[320,100],[300,250],[300,50]]}]" data-tile-order="tile-0" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.mobile/post/after-content/tech","region":"Mobile Article","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"after-content","rawvert":""}" data-amazontamsizes="[[320,50],[320,100],[300,250],[300,50]]" data-enable-ad-refresher="true" data-refresh-count="0" ></div> </div> <section class="post-content-bottom taboola-feed" data-track-page-area="Post Bottom" >  <vendor-taboola class="component taboola js-only-desktop" data-component-type="vendor-taboola" data-root-margin="0px 0px 100% 0px" data-consent="MARKETING" config="{"providerName":"taboola","providerPageType":{"article":"auto"},"providerUrl":"//cdn.taboola.com/libtrc/businessinsider/loader.js","providerFlushValue":{"flush":true},"providerData":{"mode":"thumbs-1r","container":"taboola-below-main-column","placement":"below-main-column","onlyOn":"desktop","target_type":"mix"}}" data-load-strategy="content-wall-decision-lazy" > <section class="taboola-container targeted-recommended only-desktop taboola-below-main-column" id="taboola-below-main-column" data-e2e-name="taboola-below-main-column" data-track-event-label="rec-taboola-taboola-below-main-column" > </section> </vendor-taboola>  </section> <sticky-footer-ad class="component sticky-footer-ad" data-offset-scroll-value="1" data-region="Mobile Sticky Lower" data-component-type="sticky-footer-ad" data-load-strategy="exclude" data-refresh-interval="" data-hide-when=".taboola-feed,footer,[data-is-interscroller]" > <div class="ad-close-icon" data-action="close" aria-label="Close this ad" ><svg class="svg-icon close-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 17.2 17.1"> <title>Close icon</title> <desc>Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. </desc> <path class="close-icon-path" stroke-width="2" stroke-linecap="square" d="M16.1 16.1l-15-15M1.1 16.1l15-15" /> </svg></div> <div data-bi-ad id="gpt-post-tech-mobile_sticky_lower-mobile-fluid-1" class="ad ad-wrapper fluid only-mobile" data-force="1" data-type="ad" data-adunit="businessinsider.mobile/post/adhesive/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" data-authors="emma-cosgrove,helen-li" data-region="Mobile Sticky Lower" data-responsive="[{"browserLimit":[0,0],"slotSize":[[320,50],[300,50],[320,100]]}]" data-tile-order="tile-0" data-url="/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10" data-template="default" data-targeting="{"adunit":"businessinsider.mobile/post/adhesive/tech","region":"Mobile Sticky Lower","tag":"intel,limited-synd,layoff,layoffs,semiconductors,chip","template":"default","dvp_spos":"adhesive","rawvert":""}" data-amazontamsizes="[[320,50],[300,50]]" data-enable-ad-refresher="true" data-refresh-count="0" data-prevent-resize-on-refresh="true" ></div> </sticky-footer-ad> </article> </div> </section> </section>  <aside class=" l-rightrail-default-image has-video-ad" id="l-rightrail" data-rail data-component-type="sticky-rail" > <section data-track-page-area="RR"> <div class="sticky-rail-ad-container container-0 sticky-rail-exclude-ad"> <div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad id="gpt-post-tech-upper_300-desktop-fluid-1" class="ad ad-wrapper fluid only-desktop" data-force="1" data-type="ad" data-adunit="businessinsider.desktop/post/rail-1/tech" data-secvert="artificial-intelligence,enterprise" data-tag="intel,limited-synd,layoff,layoffs,semiconductors,chip" 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