Intel cuts hundreds of US workers just in time for Christmas
Intel cut the jobs of 311 workers in California in the run-up to Christmas, according to the latest available data from the state's West Coast Employment Development Department. WARNING logins.
The layoffs are expected to affect 235 employees at the chipmaker's Folsom offices, as well as 76 employees at other Santa Clara-based workspaces.
In all cases, the employees have been given until the end of the month and the end of this year before their contracts are terminated.
Intel announces more layoffs
The company also laid off 140 employees in August, as well as about 500 others during the peak season of late 2022 and early 2023, according to data from fired.fyi.
Intel employs approximately 110,000 employees worldwide, making these workforce reductions relatively small in percentage terms, but the layoffs continue to impact employees in both massive and piecemeal ways.
A company spokesperson said this The register: “Intel is working to accelerate its strategy and reduce costs through multiple initiatives, including some business- and function-specific headcount reductions in areas across the company.”
About 13,000 of its employees are based in and around California's largest cities, and the company has already committed to investing more in manufacturing processes in the US, likely due to ongoing geopolitical tensions led by mutual imports and imports China and the US. export restrictions.
The spokesperson added: “These are difficult decisions and we are committed to treating affected employees with dignity and respect.”
Ny Breaking has asked Intel for more information on the type of compensation and/or severance packages affected employees can expect if they want to move to another role elsewhere.
Moreover, the company announced more than 12 months ago that this would “deliver $3 billion in cost savings by 2023, growing to $8 billion to $10 billion in annualized cost savings and efficiency gains by the end of 2025.”
Layoffs are never good news, for a company or its employees, but keeping them to a minimum is better news than we previously expected given the scale of the cost savings announced in October 2022.