Intel ends car leasing program in latest cost-cut
The chip giant’s Israel management is aiming to save around $3.3 million by axing leasing as part of a broader layoff prevention strategy.
6 replies (most recent on top)
Intel deserves to go out of business. It is the only way to end the toxic culture.
For a long time, first line managers outside the US (with teams of 10 people!) have been enjoying luxuries such as lease cars (BMWs and Audis) with full expenses paid (including gas) and personal assistants. Party is now over! Such lavish spending has finally come to an end with the company on the brink of shutting its doors. Let's see which other companies will accommodate the inflated egos you developed at Intel, if you get employed again that is!
It was basically a tax fraud, considering 90% were getting simply paid car allowance in cash instead, despite having zero need for a car for business purposes, especially in remote work era.
@qnj+1uipvE2s: It would have to be noticably larger without it, considering it's worth 10-15% of compensation for a significant number of people (pretty much every manager was getting it)
What the heck are they driving in Israel to make the savings $30M? Tanks??
The savings mentioned in that article is off. It’s about $30M yearly savings there
"Layoff prevention"?? Did someone miss the memo about the 15%??