In an internal document obtained by Chiportal, today Pat Gelsinger, the CEO of the chip giant Intel addressed his company’s employees and promised that in eight months the employees will return to receiving their original salary and that in the third quarter of 2023 the bonuses customary in the company will also be returned. “We remain committed to rewarding employees who remain with the company and help us navigate through this challenging time,” Gelsinger wrote.
As you may recall, at the beginning of February, Intel informed its employees about pay cuts that ranged from 5% to 25% in salary, depending on the level. It seems that many of the company’s employees expressed their dissatisfaction, especially in light of the fact that Gelsinger did not specify when the cuts would stop, so Gelsinger hurried to delimit the period of the cuts and give the employees a horizon in which they could return and receive their regular wages. According to Gelsinger, starting October 1, 2023, the salaries will be returned to their original level for everyone who remains with the company until then.
In his letter, Gelsinger continues and shares with the employees the decision of the company’s board of directors to cut the amount of dividend that Intel used to give to its shareholders by 25% and adds that both he and the members of the board decided on a 25% cut in the financial compensation they receive as a sign of identification with the rest of the company’s employees.
At the end of his letter Gelsinger writes: “I want to thank everyone for the many messages with encouraging feedback and the deep commitment you have expressed to Intel during this period. The sacrifice I am asking you to make is difficult and it is going to be a challenging year but we will come out of it stronger and better. As we continue to move forward, I believe that we will return our iconic company to its leadership position.”