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Intel staff in Ireland offered unpaid leave in cost-cutting drive – Business Post
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(Reuters) – Up to 2,000 staff at Intel Corp’s Irish operation have been offered three months’ unpaid leave as part of cost-cutting measures, the
(Reuters) – Up to 2,000 staff at Intel Corp’s Irish operation have been offered three months’ unpaid leave as part of cost-cutting measures, the Business Post reported on Thursday.
According to the report, workers at Intel’s manufacturing division have been offered the unpaid leave as part of a “voluntary time off” program which is being implemented by the company.
“Voluntary time off programs allow us an opportunity to reduce short term costs and offer employees attractive time off options,” Intel told Reuters in an emailed statement, adding that manufacturing talent represents an important element of its business in Ireland.
Intel has nearly 5,000 employees across Ireland.
The move comes as the chipmaker in October cut its full-year profit and revenue forecast and warned it would lay off staff. Intel also said it would reduce costs amid the macroeconomic uncertainties.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Maju Samuel)
Unpaid leave refers to a period of time that an employee is allowed to be away from work without pay. This can be voluntary and is often used for personal reasons or during company-wide cost-cutting measures.
A voluntary time off program allows employees to take time off from work without pay, often as a way for companies to reduce costs while providing employees with flexible time away from their jobs.
Revenue is the total income generated by a company from its business activities, typically from the sale of goods and services before any expenses are deducted.
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