Multinational semiconductor giant Intel announced in October an aggressive effort to cut $3 billion in costs in the near term.
By 2025, Intel hopes to cut between $8 and $10 billion, primarily related to “people costs.”
The first wave of these cuts is imminent, as Intel has filed a WARN notice specific to 211 layoffs the company has planned across two California locations.
Oregon Live reports that Intel is also offering thousands of manufacturing workers the option of taking a three-month unpaid leave.
Intel reportedly said that retaining its manufacturing talent was key for long term growth and that voluntary time off options were “attractive.”
The company’s CEO Pat Gelsinger recently said that Intel’s steps to optimize headcount were “difficult” but necessary to “balance increased investment.”
According to the Economic Times, total layoffs could potentially number in the thousands.