Thread regarding Intel Corp. layoffs

Rumor I heard was you can walk away immediately with a severance package (like VSP) or stay on for 8 weeks in hopes you find another position (like redeployment). The catch is that if you don't find another position within that 8 weeks, the severance package you get will be less than deducting 8 weeks of pay from the original package you were offered.

I have no clue what’s going to happen and when. What I do know is that every prediction on here has been wrong.
There’s understandably lots of stress and anxiety but using the info on here makes it worse.

No matter when you’re notified at this time of year they will keep you on the books until 1231 so you get your bonuses. Unless you missbehave between when you’re notified and the end of the year then you get fired and you get nothing. Then if you haven’t found a job exit date will be sometime in January.

If a VSP (or ESP) was going to be offered first, they would have done it 2 months ago to see how many people it would clear out

OR

they will do it concurrent with the ISP ala 2016.

If Pat is true to his word about dignity and respect then VSP should be offered before ISP. I wouldn’t be surprised if they are oversubscribed if they do ISP so many people want out with a nice cheque

Msg has been clear there will be no VSP. Its all ISP.

If you are manufacturing tech working in a fab do you get put in a redeployment pool if you get isp......I never heard of anyone doing that. They got a package and was gone the next day.

Been with the company many years and for every “layoff” that has happened since I started they have always offered a package. Never guaranteed and times like this are tough, but Intel has always tried to provide some type of compensation. In my experience it’s primarily been ERP and VSP. Then ISP if the numbers are not met.

Been with the company many years and for every “layoff” that has happened since I started they have always offered a package. Never guaranteed and times like this are tough, but Intel has always tried to provide some type of compensation. In my experience it’s primarily been ERP and VSP. Then ISP if the numbers are not met.

I have been in industry for over 20 years. I have changed quite a few jobs during that period. Whenever I left a job or was laid off, I never received a single cent as part of severance, and I was completely fine moving forward. The reason I was fine was because I constantly kept on saving for rainy days and I was never short of cash (thankfully) I have been doing exactly the same while in Intel and would highly recommend this to others. I dodged the bullet in 2016 and that was a serious wake up call for me in terms of being ready for anything at anytime in this company. I never assumed I was safe though my performance reviews have consistently been excellent each year. Fast forward to 2022, and I am happy to see my strategy is likely to help me make it through tough times ahead. Moral of the story is do everything within your power to remain the maser of your own fate. Don't trust anybody or any company. Keep your eye on the bigger picture at all times!

There is a severance package for sure. It will not be the same as ACT especially on the 1.2 weeks multipliers for you years of service, but it will cover benefits like cobra and few other things if you have met any of the retirement milesetones. . Expect 1 week per year of service. You will also get any unused sabbatical and vacation. If you are in CA or CO, you can get up to 8 weeks for unused vacations.

Different from ACT, this time employees will be given ~ 2 month to try and find something else inside but with most open req's frozen, it will be hard to find were to move.

Pat will lay the basis tomorrow and Friday with ethe official corporate communications but the actual notifications to the ones impacted will be ~2 weeks from now.

We're coming on November. Intel doesn't have time for VSP.

@czc+1jod1jOE VSP has most certainly happened with layoffs before. I am not confident we will see it this time however.

In 2016, they did VSP, ISP and ERP concurrently. Announcement of those planned actions to employees was late April (when Q1 results released). Employees were told they would find out their status the following week (which did happen). For non-ISP-ers, “do I stay or go” decision day was late May. The last day for departing employees was June 24.

I would guess something similar will happen this time, but perhaps it’ll just be ISPs.

When I was laid off I got 1-week of pay per year of service based on current salary plus sabbatical pay accrued. You’re mileage may vary.

Based on nothing, but my guess is 6-8 weeks including healthcare. Gotta clean up the books for Q1. Plus it helps the narrative for Q4 miss.

Worst case being you get walked out and zero package. 🙃

VSP??? Dream on. VSPs dont occur during layoffs. Times are very tough for Intel as the rot has been building for many years. Prepare yourself for the worst case scenario.