Intel Corp on Tuesday confirmed that it has implemented broad employee pay cuts.
The reductions will range from 5% of base pay for mid-level employees to as much as 25% for Chief Executive Pat Gelsinger, while the company’s hourly workforce’s pay will not be cut, a person familiar with the matter told Reuters.
Intel spokesperson Addy Burr said the “changes are designed to impact our executive population more significantly and will help support the investments and overall workforce.”
IBM Corp also recently announced 3,900 layoffs as part of some asset divestments as it missed its annual cash target.
Alphabet (Google parent company) sacked about 12,000, following the likes of Amazon.com Inc, Microsoft Corp and Meta Platforms Inc in recent layoff spree.