Intel cuts pay for employees by at least 5%. VPs 10% cut, more senior executives will get 15% cut and CEO gets a 25% haircut.
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Intel cutting base pay seems like a disaster... on the other hand, imagine the staff getting a pay cut on the Titanic the day before hitting the iceberg... It really wouldn't have been the worst thing in the world... as compared to sinking to the bottom of the ocean. This is just another distraction for Intel on the way to the 'moonshot' IFS strategy spiraling down.
What's fair about this? Our executives fire the pool guy for one of their many estates, and the folks who actually do the work can no longer pay the rent on their only apartment. Good luck with that brilliant decision.
These are cuts to base salary only so CEO and VP's will get a 0.0000001% cut to total comp. Big numbers sound great for headlines but PG is still laughing at shareholders.