Intel CEO Pat Gelsinger stated in September that most layoff notices would be issued around mid-October, but due to the Jewish holidays this year, the affected Intel Israel employees will not know their status until the last week of October. The final holiday of Tishrei, Simchat Torah, falls on October 24 (Thursday), meaning that most Intel Israel employees will not fully return to work until October 27 (Sunday).
Managers across Intel departments have already submitted the lists of employees they recommend for layoffs to their superiors. These employees will soon receive notifications, with many expected to get the news as early as this week.
Gelsinger previously mentioned, "Through voluntary early retirement and resignations, we have already achieved more than half of our target of reducing our workforce by about 15,000 by the end of this year." In addition, Gelsinger revealed that Intel is "implementing plans to reduce or exit about two-thirds of its global real estate by the end of the year."
The first phase of Intel’s layoffs occurred in August when the company announced a $10 billion cost-cutting plan that included reducing its workforce by 15,000 (15% of its total employees) and implementing targeted measures such as terminating lease agreements and reducing employee benefits. The second phase began in September, announcing that Intel’s foundry division would become an independent subsidiary with its own board of directors. Gelsinger explained that including the Israeli manufacturing plants, the foundry division would have the opportunity to "evaluate independent sources of funding."
Many of those opting for voluntary retirement are naturally the company’s most experienced senior employees, as the company has put together a generous compensation plan based on tenure. The plan provides salary packages based on years of service: employees with five years of service receive four months' salary, those with over ten years receive ten months' salary, and those retiring after more than thirty years receive nineteen months' salary.