Intel Israel hands out layoff notifications

Intel

Several hundred employees will receive compensation of between 8 and 12 salaries.

Intel Israel's management began notifying several hundred employees today that they are being laid off or accepted for voluntary retirement as part of the US chipmakers worldwide streamlining program.

Sources inform "Globes" that those employees being fired will receive at least eight months of salary in compensation and in some cases 12 months, above and beyond legally required compensation payments. Intel Israel has 10,000 employees at its manufacturing and development centers in Jerusalem, Kiryat Gat, Yakum, Haifa and Petah Tikva.

The layoffs will include some production workers in Kiryat Gat, even though the company will be beginning a recruitment drive in the coming months for the new, upgraded fab, which will start operating in 2017. By next year the Kiryat Gat fab alone will have 4,000 employees.

Despite the streamlining, Intel has reiterated that it will honor all its commitments to Israel for which it has received handsome government grants and incentives.

Published by Globes [online], Israel business news - www.globes-online.com - on May 2, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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