Hardware IndustryJan 31, 2023
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Intel cuts pay for employees to keep their quarterly dividend
Intel is the first big tech to go beyond layoffs and institute broad pay cuts. Annual bonuses paused, 401K match halved, merit increases on hold and actual pay cut by 5% to 15%. On a positive note, shareholders can still expect a quarterly dividend. https://twitter.com/carnage4life/status/1620627004675747840?s=46&t=tgntsnMuuIJZh7RIt2iV-g
I thought annual bonus for last year was declared at 59%, by pause does it mean next year's bonus would be impacted?
They'll add more components to bonus formula to make 100% never achievable.
I posted a thread last week about why companies dont cut 10% of salaries instead of 10% layoffs and most comments mocked my idea and said companies dont do this cause top talent will leave lol
Top talent will leave. Company should get rid of dead weights. Cut costs. Cut dividends. This is do or die moment for intel.
And they chose “die”, lol