Jerusalem, October 14: Chipmaker Intel announced its plan to lay off thousands of employees this year to save costs and streamline its operations starting from first phase in August 2024. However, the Intel said the layoffs would affect 15% of the global workforce and will be announced soon. A report said that Intel would start letting go of employees in Israel by the end of October 2024.

CTech said in its report that global chipmaker Intel would begin layoffs of Isreal staff by the end of October 2024, unlike other countries, where they would be announced this week. The report mentioned that the Intel layoffs in Israel would be implemented later this month due to the celebration of Jewish holidays. Earlier, it was reported that about 700 of the Israeli staff might face compulsory layoffs amid the voluntary severance programme. Intel Layoffs in Ireland: Tech Giant Reportedly Offers Irish Staff 5,00,000 Euros in Exit Package in Its Latest Round of Job Cuts Affecting Over 16,500 Global Workforce.

Intel layoffs aimed to affect around 15,000 employees worldwide from various departments. In August 2024, the tech giant reportedly offered 5,00,000 euros in an exit package in its layoff round. It was reported that job cuts might impact nearly 16,500 employees. Intel CEO Pat Gelsinger announced that the mass layoffs would start in mid-October.

The report highlighted that the workforce reduction would affect hundreds of Intel employees, but the workforce would find out about it by the last week of October 2024. It said that due to this, most of  Intel's Israel workforce would not return to full work until Sunday, i.e. October 27. 

The report said the managers already submitted the names of the employees who will be affected by the Intel Israel layoffs to their superiors. The first phase of Intel layoff plan was completed in August, when the company said it would save around USD 10 billion. The company reportedly announced that it would let go of 15,000 employees, which involved targeted measures like cancelling leasing programmes and reducing employee benefits. Intel Layoffs: Over 700 Employees in Ireland May Face Compulsory Layoffs Amid Voluntary Severance Programme, Says Report.

In September 2024, the chipmaker announced a second phase of layoffs when the company said its foundry division for chip making for other companies would become an independent subsidiary and would have its board of directors. The report highlighted that those who chose voluntary retirement were among the "most experienced employees" of the company. Based on the tenure, Intel offered salary packages and severance pay. The employees with five years of experience got four months' salary, ten years employees got ten month's salary, and those with over 30 years of experience received 19 months' salary upon retirement.

(The above story first appeared on LatestLY on Oct 14, 2024 04:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).