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, impacting over 15% of the global workforce, likely to begin in Ireland. According to reports, the Irish staff was offered 5,00,000 euros in exit package. The job cuts will impact around 16,500 staffers and if implemented, affect several from 4,900 employees working in Ireland.
Kildare, August 11: Intel recently announced a massive layoff that aimed to reduce around 15% of its total workforce. The layoffs were estimated to affect 15,000 to 17,000 global workers. The tech layoffs began in Israel last week, affecting several people in the country. Now, Ireland's staff is reportedly waiting to hear news about the job cuts coming to the country.
According to a report by The Irish Times, Intel layoffs will affect 16,500 jobs worldwide, and in Ireland, they will impact around 4,900 employees. However, the chipmaker has yet to officially confirm this. Considered Intel's biggest streaming plan, the company's attempt to reduce the global workforce made thousands of people nervous. Cisco Layoffs: US-Based Tech Company To Lay Off Estimated More Than 4,000 Employees Amid Its Focus on Cybersecurity and AI.
Even Intel CEO Pat Gelsinger expressed that he did not feel good for days and agonised over some weeks. He said he would wake up at 2 AM unsure of what to do and said, "How we're affecting you and your families, it matters." The CEO also emphasised in a memo sent to 1,10,000 employees that he had no illusions about the path in front of the company and said it would be easy.
Intel's shares reportedly saw the "worst decline in more than 40 years", dipping 26.5% on the news of job cuts and suspension of the dividend payments. This massive collapse wiped out USD 32 billion of the company's stock market value. According to another report by Business Post, Intel offered the Irish staff up to 5,00,000 Euros as an exit package amid its efforts to cut costs significantly. The tech giant has already attempted to ask Israeli staff members to sign up for their early retirement plans voluntarily. Stellantis Layoffs: Global Automobile Giant Laying Off 2,450 Factory Workers in Michigan As It Ends Production of Ram 1500 Classic Trucks.
The report mentioned that Intel might be planning to implement "compulsory redundancies" in the middle of its ongoing job cuts. Considering the recent loss in the stock market and the company's focus on cutting costs, Intel layoffs will soon start affecting individuals, and the exact numbers of the people affected will be known.
(The above story first appeared on LatestLY on Aug 11, 2024 03:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).