Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens OC_Formula and Mr. Aviation for your clue delivery! CTOnews.com, February 1 (Xinhua)-- Intel confirmed on Wednesday that it has implemented a wide range of employee pay cuts, including executive pay for executives and CEO. Of these, the base salary of Intel CEO Gelsinger will be reduced by 25%, and the base salary of Intel's leadership team will be reduced by 15%.

Dylan Patel said it had received confirmation from a number of Intel employees that Intel was slashing costs at the expense of employees. The pay cut involves a large number of people, and employees' salaries are also affected. Quarterly salary bonuses have been lost, annual bonuses have been suspended, 401k matching plans (one of the employer's pension plans) have been halved from 5% to 2.5%, and performance-based pay increases have been suspended. the base salary of all employees is cut according to grade.

CTOnews.com has learned that salaries for all employees below the chief engineer, levels 7 to 11, will be cut by 5 per cent, vice presidents by 10 per cent and executive leadership team by 15 per cent. CEO Pat Gelsinger will be cut by 25 per cent. The wages of hourly workers in the company will not be cut.

"these changes are designed to have a more significant impact on our executives and will help support investment and the overall workforce," Intel spokesman Eddie Burr said. "

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