https://www.semianalysis.com/p/intel-cuts-pay-for-employees-to-keep
Hot off the presses, we have confirmation from multiple employees that Intel is cutting costs tremendously at the expense of their employees. These cuts are broad-based, with employees having their compensation affected. Quarterly pay bonuses are gone, annual bonuses are being paused, 401k match is halved from 5% to 2.5%, merit-based raises are suspended, and there is a pay cut to all employees’ base salary based on grade.
All employees below Principal Engineer, grades 7 to 11, will get a 5% cut, 10% cuts will be instituted for VPs, and the executive leadership team will take a 15% cut, with Pat Gelsinger taking a 25% cut. These cuts hurt even more when we are in an inflationary environment. These cost cuts are, of course, dwarfed by their quarterly dividend, of course, which we have been clamoring for them to cut for over a year…
