The reductions will range from 5% of base pay for mid-level employees to as much as 25% for Chief Executive Pat Gelsinger, while the company's hourly workforce's pay will not be cut, said a person familiar with the matter who was not authorized to speak publicly.
Intel last week said its profit margins were plunging as the PC market cools after several years of growth during the pandemic. The person familiar with Intel's pay cuts said that in addition to 5% decreases for mid-level employees, vice president level employees will see 10% reductions and the company's top executives other than the CEO will get 15% cuts.
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