Executives took a symbolic pay cut from their base pay. Still their total comp is millions of dollars. https://www1.salary.com/INTEL-CORP-Executive-Salaries.html
You judge
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Bonuses are never coming back. Their mantra of "restore and reward" is the same as bullsh-t as "dignity and respect." How much did they pay that focus group for those phrases?
Right. Another consideration is you enforce a paycut and remove bonuses, it is likely that a number of employees will get frustrated at some point and quit. Thus Intel avoids the unnecessary expense of having to lay you off and give you a package. If things don't improve in the next few quarters, I wouldn't be surprised if another round of paycuts are implemented and the "no bonus" policy is extended.
It's the fastest way to get a reduced in cost versus layoffs. Plus you keep operating capacity (minus the detriment of morale)
Don't be fooled that it's to save jobs, it's to save Intel from the q1 loss