Here's my 2$ conspiracy theory: ELT has large part of compensation in stocks than base pay. Even if they reduce their base pay % the dividends are still not reducing or stopping. Workers will toil and pay for ELT fat salary with no bonuses for themselves irrespective of economic outlook.
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The real reason for pay cuts and no layoffs is the CHIPS act.
Intel can’t layoff people while at the same time take government handouts.
This is a very d-mb move as it treats everyone the same no matter their performance. It will cause the high performers to leave and the low performers will stay.
Why are dividends important? A quick search yielded this nugget-
“ Gelsinger now owns 96,049 Intel shares directly, and another 266,530 shares through trusts. Nov 11, 2022”
So as a new employee less than 3 years of experience, what's the point of sticking around for a company like intel?