Intel's median employee pay has only increased by 4% over the past five years, significantly lagging behind the 12% increase seen among competitors like Nvidia and Microsoft.
In 2023, amidst the financial restructuring, Intel's CEO Pat Gelsinger and other higher-level staff took pay cuts, while offering 'thank you' bonuses to employees in restricted-stock-unit grants.
Intel's executives have announced plans to cut $10 billion in expenses while expanding chip factories, and they received $7.9 billion in grant funding from the CHIPS Act to aid this effort.
The funding Intel received, $7.9 billion through the CHIPS Act, represents a crucial step for the company as it faces challenges with employee pay and restructuring its workforce.
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