You heard it here first:
OP: @da+1jt959pyj
I wish OP would stop looking at my package.
The ISP package is exactly the same as last year. This was confirmed in one of the group meetings and by people recently laid off. Just no enhanced retirement package this year.
No. The following is the accurate information.
If it is based on poor performance reviews OR is an ISP, the severance consists of an all expense-paid 30 day first class accommodations vacation in Yemen, a $150 gift card to Party City, 3 months Cobra, 4 Wilson Evolution basketballs signed by Metta World Peace and Latrell Sprewell, 9 tubes of L’Oreal Blue & Tan Lipstick, 14 sandy Atari E.T. game cartridges, two pairs of Isotoner gloves signed by Dan Marino and O.J. Simpson, a $500 gift card to TGIFridays, a Caterpillar pacifier for your baby, four cans of Campbell’s Potato and Leek soup, a pair of sheer paisley crew socks from Express, two used Bowflex machines, one Tony Little Gazelle Glider, 100 square yards of burlap fabric from Joann, a Tupperware food storage set, and three RF metal-insulator-metal (MIM) capacitors from Tower Semiconductor.
Where are they getting the money for these packages?
Intel has always offered a so-called special adaptation grant to laid-off employees per the manager’s discretion by default. This grant was at least 2-2.5 times smaller than the CPM package offered in 2022-2024. To receive the grant, the employee was required to sign a set of document. The employee may refuse to sign them but in this case he was then not entitled to receive the special adaptation grant.
CPM packages were unique grants offered by Intel for some unknown reason in 2016 and 2022-2024. These generous packages created a stir not only at Intel but also at other companies all over the world. Those employees, who were terminated (not resigned of his own accord) between 2006 and 2016 or between 2016 and 2022 received only a small special adaptation grant.
A bonus feature of Option 3 is that most employees who chose Option 3 are not eligible for unemployment.
So it is a win-win scenario.
Option 3 is to leak that 20k are to be terminated, then deny it and provide no communication about any future actions. Then announce a hard date for RTO that is several months away.
These actions help to both increase attrition and to discourage the poorest performers to do even less, after which they can be terminated for poor performance and given no severance package.
Option 3 is by far the most cost efficient and proven way to handle headcount reductions, in a way that also maximizes self-selection of those who are the least connected to their work and so least able to contribute to company performance.
Hey, it worked at Cadence and Amazon.
Everything is the same, no enhanced retirement package still a top of the line severance package…….if you are in Ireland or Malaysia :)
My understanding is that the severance package will be the same as last year but no enhanced retirement.
Why don’t you ask your id--t manager OP? Nobody here work for Intel to answer your dump questions. Only id--ts from Intel visit this layoff site.
I don't believe OP needed to repost this.
OP. No. Typically, even for performance related departures, they will offer some type of buyout for your signature absolving Intel of any liability, or future lawsuit. While the payout amount may vary from a performance related departure, vs ISP... in almost all circumstances, Intel HR and Legal will want a waiver to be signed. If someone got ISP'd, for them to get the payout, they had to sign the waiver before the direct deposit goes through. No sign, no money.
@a2 Your logic is flawed. Being laid off is a type of firing, but not all firings are being laid off. Typical Intel... doesn't understand basic logic.
Most of the job losses are going to come from restructuring, and in any case always be wary of binary choices.
The company has previously always been at least on par with the other tech companies when it comes to restructuring layoff related severance packages, but do note that the megacap tech companies have lately been pulling back on severance packages in general.
LBT seems to be following the trend with other changes he has made so may choose to be less generous on exit packages as well. The most generous packages are for retirees and those are off the table entirely.
Anyone pushed out at this point is probably being done a favor in any case, because the x86 strategy is one of managing the company for declining revenue. The foundry strategy will be one of downsizing to better meet a typical foundry benchmark.
Over the next few years AI and robotics are going to greatly reduce the headcount in semi design and mfg. Someone wanting to stay in the industry might consider working on a degree in AI and robotics. Many will simply be pushed out over time.
@a2, Not necessarily, it’s easier to explain being laid off then just being fired if you are looking for another job.
OP... no one on this site knows anything about future severance packages. This is one person's opinion. I wouldn't be surprised if they are right. I seriously doubt the severance will be any more than the minimum required by law but this is another opinion.
@a1... both cases are out of a job but the person fired gets nothing as far as severance. The person laid off at least gets some sort of compensation.
Fired and laid off are the same thing
I mean, one is getting laid off and one is getting fired. Is this any different than before?