TOI’s Report According to Intel, Intel has begun implementing the large mass layoffs announced in August. The move affects more than 2,000 jobs across several US states. It is being told that due to layoffs, about 1,300 employees in Oregon, 385 in Arizona, 319 in California and 251 in Texas will lose their jobs. The cuts are scheduled to begin Nov. 15, with employees receiving 60 days or four weeks’ notice along with extra salary and benefits.
In early August, when Intel’s layoffs were announced, CEO Pat Gelsinger informed employees that the company was going to reduce its expenses. Intel said at the time that the company would lay off 15,000 employees. This was 15 percent of the company’s total workforce. This step was taken by the company to improve its financial condition. Gelsinger said at the time that the move was extremely difficult, but also very important.
The tech industry has been facing great turmoil for the last few months. The workforce is continuously being reduced in big tech companies. Some companies are doing this due to losses while some companies are thinking of reducing the expenditure on employees to invest in new AI based technology. More than 27 thousand employees lost their jobs in August alone, which included big names like IBM and Cisco along with Intel’s announcement. Along with this, many small startups have also made layoffs. If we talk about 2024, from the beginning till August, layoffs were announced in 422 companies.
