-advertisement-

Intel will start laying off over 17,000 employees today (August 5th), including in Israel, where Intel is the largest tech employer, sources told "Globes." This will be Intel’s largest-ever streamlining plan.

Starting today, Intel will send out details about voluntary retirement programs, asking interested employees to sign up. Known as the Corporate People Movement (CPM), the program offers a one-time buyout payment and incentivized pension for employees close to retirement age or with low performance rankings.

"Oregon Live" reported plans for U.S. layoffs. Employees at the Portland site were informed that the layoff process will begin "some time later and move forward quickly" after the voluntary retirement registration phase. The layoffs will commence once the number of voluntary retirements is known.

Affected employees will be notified by early October. The process should be completed by November 15, with Intel aiming to cut 15% of its workforce. Long-term, Intel seeks to reduce costs by $10 billion annually as it faces shrinking revenue, market share in computers and servers, and overall value. On last Friday, Intel's market value fell below $100 billion to $97 billion after worse-than-expected financial results and the layoff announcement. The company faces widening losses, low growth forecasts, and negative cash flow due to large investments in new factories.

Intel employs 124,800 people globally, with about 11,000 in Haifa, Jerusalem, Petah Tikva, and Kiryat Gat. Last month, Intel notified at least twelve suppliers and contractors of the suspension of work on its $25 billion Fab 38 factory in Kiryat Gat, which was to produce advanced chips using EUV lithography. The suspension was reportedly due to cash flow issues and a decision to delay procurement until customers for the new facility are secured.

"Oregon Live" reported that Intel CEO Pat Gelsinger told Portland employees, "I don’t feel good today. I’ve agonized over today for the last three, four weeks. Many nights waking up at 2 a.m. because I know that what we do, and how we’re affecting you and your families, it matters."

Editor：Lulu

▼▼▼

Tata Group's new semiconductor plant to produce 48.3 million chips daily, creating 27,000 jobs

Kioxia announces completion of new flash memory manufacturing building in Kitakami Plant

Taiwan' s ASE considers building fab in Kyushu

Infineon sells two backend manufacturing sites to ASE

AI chipmaker Cerebras confidentially files for US IPO

Belgian semiconductor makers declared bankrupt, over 400 jobs at risk