Intel Looks To Boost Attrition
May. 02, 2001
SANTA CLARA, Calif. (AP) _ With attrition going more slowly than expected, Intel Corp. has instituted a ``voluntary separation program'' to help meet its job-cut goals, company officials said Tuesday.
The chip giant, whose first-quarter profits plunged 82 percent, announced in March that it would cut 5,000 jobs, or 6 percent of its work force, by the end of the year through attrition.
The pace of voluntary departures, however, is behind the company's usual annual rate of 7 percent to 8 percent as layoffs have become a common drumbeat in the high-tech industry, said company spokesman Robert Manetta.
``Obviously there aren't the same job opportunities out there as there were six months ago,'' he said.
The separation program _ which Intel has used during previous downturns _ offers several months severance pay along with a prorated bonus and additional pay depending on the employee's business unit and how long the employee has been with the company.
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