Intel slashes worker, exec pay amid PC market downturn
© Reuters. FILE PHOTO: An Intel Corporation logo is seen on a sticker on a laptop for sale in Queens, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) – Intel Corp (NASDAQ:) 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.”
(This story has been refiled to change the day of the week in the first paragraph)