As Intel prepares to reduce its work force by 11 percent, here are some of the details of its plan based on documents provided by employees (Intel did not respond to a request for comment):
Timetable
Site closures: Intel planned to begin site closures on Wednesday and will complete the notification process by April 25. Chief executive Brian Krzanich told workers Tuesday that it's not closing any manufacturing sites.
Buyouts: Employees will learn by April 25 if they are eligible for a buyout – either through "Enhanced Retirement" for some long-serving employees or through a "Voluntary Separation Program" for others.
Layoffs: Intel will begin laying off workers on April 25 and will complete notification by April 29.
Project cancellations: Intel will notify workers within 60 days if their project is being cancelled or if other structural changes will affect their work.
Compensation
Enhanced Retirement: A year of base pay and one year's performance bonus, plus two years of medical coverage.
Layoffs, "voluntary separation" and project cancellation: A minimum of 8 weeks of base pay and some bonus pay. These employees also get a choice of six months of medical coverage and $9,000 in cash, or a full year of medical coverage. Additionally, Intel indicates it will offer:
o 7 weeks of pay for employees who have been with the company for 4 years
o 15 weeks of pay for employees who have been with the company 10 years
o 30 weeks of pay for employees who have been with the company for 20 years
Note: Employees must sign a legal release to qualify for this compensation.
Layoffs
An internal Intel document obtained by The Oregonian says 4,478 employees qualify for layoff, and that it expects to lay off 3,561 across the company – close to a third of total job cuts.
Intel says employees will be subject to layoff if...
They received an "Improvement Required" rating in the company's annual Focal review process for 2016, or...
They qualified for lower performance-based stock incentives in 2015 and 2016, but didn't get an "Outstanding" or "Exceeds" performance rating in those years, or...
They qualified for lower performance-based stock incentives in 2016 without an "Outstanding" or "Exceeds" rating in 2015 or 2016.
Laid-off workers will leave the company immediately upon being notified they are losing their jobs but will be paid through May 30 (in addition to whatever severance they receive.)
Intel indicated to employees that layoffs may be handled differently outside the U.S., in countries where workers receive additional job protections.