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Intel cut employee benefits and perks after a series of setbacks Intel remained a major player in the tech industry for decades, but several missteps have thrown it off course.
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Employee benefits in the United States include relocation assistance; medical, prescription, vision and dental plans; health and dependent care flexible spending accounts; retirement benefit plans (pension, 401(k), 403(b)); group term life insurance and accidental death and dismemberment insurance plans; income protection plans (also known as ...
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On January 31, 2023, as part of $3 billion in cost reductions, Intel announced pay cuts affecting employees above midlevel, ranging from 5% upwards. It also suspended bonuses and merit pay increases, while reducing retirement plan matching. These cost reductions followed layoffs announced in the fall of 2022. [113]
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[34] As a testament to this ethos, there were no executive perks at Intel, including special dining rooms, washrooms, or parking spots. [35] Grove's office was a standard 8 by 9 ft (2.4 by 2.7 m) cubicle, reflecting his personal preference for an egalitarian atmosphere.