Intel Is Laying Off Workers While Raking in Public Largesse
10 days ago
- #Subsidies
- #Intel
- #Layoffs
- Intel is laying off thousands of American workers while receiving billions in government subsidies.
- President Trump initially called for Intel's CEO to be fired but later proposed converting subsidies into a government equity stake.
- Intel laid off 15% of its global workforce (15,000 jobs) and gave its former CEO a $7.8 million severance package.
- New CEO Lip-Bu Tan receives $1 million annually, with bonuses up to $2 million and $66 million in stock options.
- Layoffs increase risks of suicide, substance abuse, poor health, divorce, and homelessness, impacting communities.
- Intel communities can hold the company accountable due to the government's 10% stake in Intel.
- CHIPS Communities United (CCU) formed to hold semiconductor companies accountable for public funds received.
- Intel-Layoffs.org launched to track job losses and advocate for good jobs in the semiconductor industry.
- Collective bargaining and union contracts can provide job security and fair processes for layoffs and rehiring.
- Public subsidies increase the need for Intel to treat workers fairly and meet community obligations.