The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Computer, Electronic And Optical Products 26 - Manufacture Of Computer, Electronic And Optical Products
15,000 jobs Number of planned job losses
Announcement Date
1 August 2024
Employment effect (start)
1 August 2024
Foreseen end date
Description
Intel, the multinational semi-conductor and cloud software provider, has announced plans to cut over 15,000 jobs worldwide, including in Ireland.
So far, the company has not provided many details on locations affected. In Ireland, consultations with employees on voluntary redundancies have begun in mid-September. The programme is accessible to 4,000 of the company’s over 5,000 Irish staff. If the voluntary departures do not meet the required numbers, compulsory redundancies will be implemented.
According to the source, the layoffs could affect between 600 and 750 positions in Ireland, depending on whether the cuts target a specific group or the entire workforce. A severance package has been offered, including five weeks' pay for each year of service. Early retirement incentives are also being provided for senior staff. Additionally, Intel plans to reduce or eliminate several employee benefits, including car allowances and complimentary food and beverages.
These measures are part of Intel's broader effort to cut costs by $10 billion by 2025 as the company faces increasing competition and challenges in the semiconductor market. According to the company, the majority of the job cuts will be completed by the end of 2024.
Intel, the world’s largest contact chipmaker, employs about 100,000 employees in 65 countries worldwide. In Europe, Intel has its sites in Ireland, Germany, France, Poland, Greece, Sweden and Romania.
A specific factsheet for this restructuring in Ireland can be found here: Intel - 2024 - IE.
A previous global restructuring event has been recorded in the ERM Events database in 2022 INTEL-2022-WO.
Eurofound (2024), Intel, Internal restructuring in World, factsheet number 201520, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201520.
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