New Delhi, September 2: Intel will reportedly initiate job cuts, which may affect its employees in Ireland, potentially facing compulsory layoffs. Some employees at Intel in Ireland might be required to leave their jobs due to the company's severance program. Intel will likely assess the applications for voluntary severance applications based on their business needs. It means that the company may only approve some of the employees who have applied for leave.

As per a report of CNBC TV18, in Ireland, around 700 Intel employees may face compulsory layoffs. The decision may come as part of the company's strategy to streamline operations and cut costs. Intel, the US chipmaker, is facing a major reorganisation that may result in up to 15 per cent of its global workforce being laid off. In Ireland, the impact could be significant, with over 700 employees at Intel's Leixlip facility potentially facing compulsory layoffs. Dunzo Layoffs: Reliance Retail-Backed Online Delivery Firm Lays Off 150 Employees, Assures To Pay Severance After It Secures Funding.

The US chipmaker Intel reportedly plans to lay off its employees worldwide by about 15 per cent as part of a restructuring effort. While the company has not provided an exact figure, it could mean that approximately 700 employees at the Intel facility in Leixlip, Ireland, may lose their jobs.

According to reports, Intel has offered its employees in Ireland to take voluntary severance packages. These packages can be worth up to 5,00,000 Euros and may include a base offer of five weeks of pay for each year of service, with a maximum of up to 104 weeks of pay. It means that employees who choose to leave the company voluntarily and may receive financial compensation based on their years of service. Layoffs Not Coming Due to GenAI: Indian Tech Giants Including Infosys, Wipro, HCLTech Focused on Upskilling Employees Than Laying Them Off.

The deadline for employees to apply for voluntary severance was last Friday, and the decisions regarding their applications will be communicated on September 6. The different business units within the company will carefully review all eligible employees who have applied for voluntary severance and make decisions based on the company's priorities.

(The above story first appeared on LatestLY on Sep 02, 2024 12:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).