Intel, a semiconductor company, has shared some good news with its employees. It is keeping its promise and will undo the salary cuts it made earlier. In December, all eligible employees will also get restricted stock units (RSU) as compensation. This decision is great for the employees and shows that Intel values its workforce.
Back in February, Intel had said that from October 1, salaries would return to what they were before the cuts. The employees will also start getting their quarterly bonus again from the third quarter of this year. Around 11,700 employees in Israel will benefit from this, including 7,800 development workers and 3,900 manufacturing employees.
Earlier, in January, Intel had reduced the salaries of different levels of management. Pat Gelsinger, CEO, Intel, saw a 25 per cent cut in his salary, and the executive leadership below him had a 15 per cent cut. Senior management, like vice presidents, received 10 per cent less pay, and mid-level management had a 5 per cent cut. However, technicians, engineers, and employees holding junior positions did not face any salary reductions.
Intel has not said much about internal matters concerning employees. But this move shows that the company cares about its employees and wants them to be happy at work.
By reversing the salary cuts and giving compensation through RSUs, Intel is likely to boost employee morale and show that they value the hard work of their staff. Intel’s focus on its employees will help it keep its reputation as a good employer.
