The source claims that the company’s hourly employees’ compensation won’t be affected by the cuts, which would range from 5% for mid-level personnel to 25% for CEO Pat Gelsinger.
The company’s senior executives, aside from the CEO, will receive a 15 percent cut, the source added, and vice president-level personnel will also see a 10 percent reduction. Additionally, the corporation stopped paying quarterly performance bonuses.
The adjustments are meant to have a bigger impact on the company’s executives and will assist sustain investment levels and overall employee levels, according to Intel spokesperson, who was cited by the agency.
source: reuters.com
