Intel reverses pay cuts, will compensate employees with RSUs
Intel reverses pay cuts, will compensate employees with RSUs
Intel decided to compensate all employees who are entitled to it with restricted stock units in December
Intel notified its employees on Tuesday that it intends to keep its promise and reverse the cuts it made in salaries, and even decided to compensate all employees who are entitled to it with restricted stock units (RSU) in December. Intel said it does not comment on internal matters concerning employees.
Intel announced in February that on October 1, the cut salaries would return to their pre-cut levels. In addition, the company's employees will resume receiving the quarterly bonus starting in the third quarter of the year. Intel employs 11,700 workers in Israel, 7,800 of whom are defined as development workers, and 3,900 as manufacturing employees.
The cuts, revealed last January, included a 25% reduction in CEO Pat Gelsinger's salary. Executive leadership, who report directly to Gelsinger, saw their pay reduced by 15%. In addition, the company cut 10% of the salary of senior management (vice presidents and above) and 5% of the salary of mid-level management. There were no cuts for workers in the positions of technicians, engineers, and juniors.
