Is anybody else shocked by how generous the packages are? Considering the state of Intel right now, I'm not sure how something like this even got approved. I would be overjoyed and more than happy to leave - with no hard feelings! - if I got something like this.
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Nope, disgraceful. Imagine getting taxed to pay a corporation that lays you off? You'll all still vote for the same b-ms and worship the same wh*res.
any info on packages for Germany?
As expected. Here is why. Intel packages historically have been 1 - 2 weeks per year. But last few years it's pretty much been just 1 week per year. Pat does care about the employees and family. I believe he would have argued to make it as large as he could, subject to not being so large that Wall Street gets mad.
F@ck intel
Better than expected yes.
Generous? The average for severance packages at big companies is 1-2 weeks per year of service. They picked the middle of that range so it's just average in that sense.
But this severance is just base pay, not the various bonuses which make up a significant part of total compensation for many Intel employees. That drags it down to below average.
The 12 month COBRA offering, if that means Intel is covering the medical premiums (or at least the employer portion) based on whatever plan the employee is currently enrolled in and continuing with that, is an above average offering. But it's probably medical only, not including dental and vision plans, which the laid off employee would have to pay out of pocket at non-group rates.
9 weeks in redeployment is just enough to meet the 60 day federal requirement for layoff notice, so I wouldn't call 3 days longer than the federal requirement generous either.
A cash payout for earned sabbatical/vacation isn't particularly generous either. It meets a minimum standard of decency.
Intel leadership is doing the right thing striking the correct balance between business economics and a reasonable employee separation package.