So what do you think, did the person who took the package in August 2024 make the right decision or not? (VSP)
There were people who took 15-20 salaries😭
30 replies (most recent on top)
Same here. Grocery Outlet stores have stuff just close to expiration but way cheaper. Shaved hair off head to save on expensive shampoo and conditioners. No Starbucks and you'll see savings add up 🤓
@tr That's me. My favorite food from the food bank has been Beef Stew from Dinty Moore, and Corned Beef Hash from Hormel.
The guy who took the package, sold their car, took unemployment, and ate food from food bank has saved a lot of money and stress and will be able to buy a new home when the market crashes.
Hey you guys all know there are no packages next layoff right?
I vote Saf the most useless ELT member, arguably ahead of Matt P since CSO overall is wasting more $ than the M&A folks even though both teams are 0 value add to INTC. The largest contribution from Saf was he didn't allow voluntary CPM and claimed that his org was in the right size - saved lots of $ for INTC on the packages
Left F24 after 25 years service.
The package was too good to turn down, equivalent of 3 years pay after tax.
I haven’t worked since, applied for a few jobs but I haven’t put much effort into finding anything.
Definitely not going back to technician or shift work.
No regrets whatsoever.
Ireland Post,
Took Oct package after a couple of decades in Intel, worth 2 yrs salary.
Have turned down many job offers on similar and better salary as I'm back in college diversifying my talents (real diversity, not the confused fairy stuff).
Running a consultancy side gig, part time.
Loving life again.
I do hope things can turn around for Intel, I have lots of friends left in there that unfortunately, still have to deal with the toxicity of the inept Irish middle management and their knob shinning contests.
Left in Aug 2024 VSP, decided w/o replacement job in hand, but was able to land new role only a week into Q4. Big drop in pay, even bigger drop in stress and endless bureaucracy/meetings. Come back here to see how folks are handling the current situation… empathize with you all, tough to leave, tough to stay…
Whoever was su-kered into paying for 401k's will be wishing they just got a high interest savings account instead.
@e5+1 Most of the time the packages are only useful if you want to leave anyway.
They are just enough to fund a transition to another job or retirement, and after taxes the ability to remain in your current role for 6 to 9 months is equal to the package after taxes.
During ACT and the recent CPM, the packages included enough extra to effectively pay the taxes, as a person who is usually paying something like 17% will be kicked up to +30%.
Either way, maxing out your 401k contributions (before you leave) is a way to help reduce the taxable income.
I don't think anyone at Intel will ever see packages like just happened. That was a final payout to retirees and others who had put in many years.
What is coming will be much more cost constrained and at the same time larger in scope. So even if they wanted to do more, they can't afford it.
Once IFS is spun out, I think severance will become far more limited. They are going to be low margin for a long time.
Not taking package last year + paying most of it in taxes = Getting paid for 1 year + whatever package we get in 2025 + less taxes.
Clearly some took the package.
Others Shoulda Taken The Package!
Best decision in my life. 60% jump in TC. Better work life balance. Learn new hot skills needed in industry. Hope Intel get back soon. Even better, I have cash from package and home sale. Just wait next week huge stock opportunity. Nothing to complain!
Remember to thank the retirees for their service
Forced RSP after 30 years. Retired. Loving it. Hope the stock recovers. Good luck to all.
No regrets.
Wow a subset of a subset of a subset (people who took the package) of a subset (people who come to this board) and those people to comment.
@c2... probably won't happen for you. If Intel does recover it will be because of changes to culture and getting rid of unprofitable polices/procedures and spinning off non-core business. If they do get things running right the last thing they will want to do is rehire former long term employees at any price. You will be considered toxic and bad for the renewed company. Do yourself a favor and move on.
Took the VSP, got another job in Portland after 4 months of looking. In the same role as Intel job basically but in a smaller, much better company/culture. Reinvigorated. Best decision I’ve made tbh
I left after 22 years. I don't have another job yet. Hoping Intel recover and I will be able to get back into a job at Intel. I am willing to to join at 2 grades below where I was previously.
@a9 why don’t you tell us what generation you are from and then we can tell you how fu---d up they are.
Most companies give the best servance packages during Round 1 then reduce when further reductions take place. Better job opportunities may exist for those who exit first. I have seen this during my over 40 years in this industry.
I took the package, found another job and loving life. I do hope Intel recover.
Took package with 40pct hike.
Honestly,better in terms of economics but very poor worklife balance and worse team culture. My team at intel was really good in terms of covering each other projects, coordination and knowledge share.
Not worth it for me,i have learned the lesson though i know what i need to look in job from now.
Yes - there will be no packages next go around
Loving it.
I suspect there were quite a few people who didn’t realize how tough the job market was and now their after tax severance is long gone.
Well. Played. T-bags for the non-geriatric, courtesy your resident Boomers.
Handed a Ferrari by their parents, hand their kids a flaming pile of cr@p. But gatdamn the 70s were a blast - had to make sure they kept the party going till the grave.
Forced live-in care as they age, too, since so few of their kids can afford to provide for themselves. Checkmate muhfukaaa!
Boomers. The most ignoble generation of Americans to have ever existed.
Ya Shoulda Taken The Package!
Depends if "the person" found another job or not. If not, they probably regret it. If they retired and don't need to work then they are probably loving it.