Reuters’s Report reported that the base pay for Intel’s mid-level workers will be cut by about five percent and for Chief Executive Pat Gelsinger by 25 percent. However, there will be no reduction in the salary of workers working on the basis of company hours. Intel’s executive leadership team will take a 15 percent pay cut and 10 percent for senior managers. Intel said in a statement, “In an effort to address macroeconomic difficulties and reduce costs, we have made several changes to employee compensation. This will help the company save cash for investment.”
Salaries of senior management of some other big companies were also cut recently. These include David Solomon, chief executive of investment banking company Goldman Sachs. There has been a reduction of about 30 percent in his salary. The slowdown is having a big impact on big tech companies. Because of this, many of these companies have taken steps like layoffs and salary cuts. Global Software Company last month Microsoft had decided to lay off thousands of workers. The company plans to reduce its workforce by about 5 percent. About 11,000 workers can be fired from Microsoft. This will have a greater impact on engineering and human resources divisions.
Reuters reports that the company is under pressure to maintain the growth rate of its cloud unit Azure. For the past few quarters, the personal computers market has been hit by the recession and this has affected the sales of Microsoft’s Windows and devices. The company had around 2,21,000 workers at the end of the June quarter last year. Of these, about 1,22,000 were in the US and the rest in other countries. The company’s decision to lay off indicates that workforce cuts may continue in the tech sector.
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