Intel Layoffs Begin Today in Israel, Tech Giant’s ‘Biggest-Streaming Plan’ Estimated To Hit Around 17,000 Global Workforce: Report

Jerusalem, August 5:  Intel announced it would lay off 15% of its global employees and was expected to ask them to sign up for their early retirement programs. Global semiconductor giant's latest job cut announcement will hit thousands of employees in different countries. According to a report, the Intel layoffs were set to begin in Israel and will affect several people working with the tech giant.

Intel layoffs were estimated to hit around 15,000; however, according to a report by Globes, the number of affected employees could be as high as 17,000. The report said that Intel had been the most significant tech employer in Israel, and the tech layoffs would be one of the company's "biggest-streaming plans "that would affect the country's workforce. ‘Microsoft Fired Me in 2005 and It Made Me Confront My Fears, Re-evaluate My Goals and Find More Aligned Path’: Scintillate CEO Kapil Kulshreshtha.

According to the report, Intel layoffs were set to begin on August 5 (today) in Israel. The company was expected to ask the employees to opt for the voluntary retirement program. The report said that the company would ask interested employees to sign up for the CPM (Corporate People Movement) program and will voluntarily let go of the employees near retirement age or with low-performance rankings. 

The employees affected by the Intel layoffs will receive a one-time buyout payment and an incentivised payment. The people that Intel would choose to lay off would be removed from the company at the start of October, and the process will end on November 15, 2024. The Intel layoff decision was targeted at reducing the cost by USD 10 billion as its revenues continued to shrink in the market.  Hiring on Rise! India’s Service Sector Continued To Grow at Robust Pace in July Due to Strong Demand Leading to Higher Job Creation, Says HSBC Survey. Hiring on Rise! India’s Service Sector Continued To Grow at Robust Pace in July Due to Strong Demand Leading to Higher Job Creation, Says HSBC Survey.

Intel announced a massive 15% layoff for the first time in the decade, affecting employees out of its 1,24,800 workforce. The report mentioned that job cuts would affect employees working in Israel in Jerusalem, Haifa, Petah Tikva and Kiryat Ghat. Intel CEO Pat Gelsinger reportedly told Portland in Oregon (US) employees that he did not feel good and was agonising over some weeks. He said, "Many nights waking up at 2 a.m. because I know that what we do, and how we're affecting you and your families, it matters."