SENIOR MEMBERS OF Intel’s Irish staff are to take pay cuts as the company wrestles with the financial downturn within the tech industry.

The tech sector is experiencing a significant downturn in revenue with many companies such as Amazon and Microsoft announcing significant layoffs in recent weeks. 

Intel Ireland, which employs around 4,500 people here, has not been immune to the crisis facing the sector. 

In a bid to mitigate its financial outlook, the firm, which is based in Leixlip, Kildare, has decided to cut the pay and bonuses of some of its most senior staff. 

Asked if it would provide a statement in relation to reports that senior staff are due to face pay cuts, alongside pay freezes for mid-level staff, a spokeswoman said: “As we continue to navigate macro-economic headwinds and work to reduce costs across the company, we’ve made several adjustments to our 2023 employee compensation and rewards programs.

“These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy.

“We are grateful to our employees for their commitment to Intel and patience during this time as we know these changes are not easy.”

Speaking in Davos last month, Taoiseach Leo Varadkar said he’d been in touch with Intel, and “while we’ve no absolute guarantees from Intel, we’re not expecting significant job losses from that company”.

Late last year, Intel offered workers at its plant in Kildare voluntary unpaid leave as it looks to cut costs.

It comes after the company recently indicated that it would need to move to cut thousands of jobs globally due to inflation and a slowdown in the market.

An offer to take three months’ unpaid leave has been made to staff working in the manufacturing division of its Leixlip plant, where the majority of its 4,500 Irish workers are employed.