Intel cuts jobs, restructures following record quarterly loss

Computer chip manufacturer Intel has announced another round of layoffs as part of a broader restructuring effort to remain competitive in the tech industry.

What’s happening: This is the latest round of job cuts as the world’s largest semiconductor producer struggles to adapt to the changing tech landscape.

• The exact number of affected workers has not been disclosed, but the layoffs will impact various departments across the company, including engineering, finance and marketing.
• The move is expected to result in significant cost savings for Intel as it seeks to compete with other tech giants.
• Intel last month reported its largest quarterly loss in company history amid a drop in personal computer sales, with a $2.8 billion first-quarter net loss and a 36% drop in year-over-year revenue.

What they’re saying: The company said that that it “is working to accelerate its strategy while navigating a challenging macro-economic environment.”

• “We continue to invest in areas core to our business, including manufacturing operations, to ensure we are well-positioned for long-term growth,” according to an email statement from Intel.

Impact on Canadian staff

It is unclear at this time how many Canadian Intel employees will be affected by the layoffs, but it is likely that some will be impacted. The company is one of the largest players in the Canadian tech industry, with thousands of workers operating in various offices and research facilities.

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• Intel plans thousands of layoffs for October amid PC plummet
• Do I get severance if I’m replaced with AI?

Termination packages for Intel staff

In Canada, non-unionized employees at Intel are owed full severance pay when they lose their jobs due to downsizing or corporate restructuring.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

Severance can be as much as 24 months’ pay, depending on a number of factors. The Pocket Employment Lawyer can help you determine how much you may be owed.

LEARN MORE
• Severance for technology industry employees
• Severance for provincially regulated employees
• Severance packages in mass layoffs

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper severance if it falls short of what you are actually owed.

If you don’t receive the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.

Employers sometimes use pressure tactics to try to coerce employees into accepting poor severance packages, such as imposing a deadline for accepting the offer.

However, in Canada, terminated employees have up to two years from the date of their dismissal to pursue a claim for full severance pay.