Intel has announced plans to lay off hundreds of employees in Israel as part of a global cost-cutting effort to save nearly $10 billion. The layoffs are part of a broader reduction of approximately 18,000 positions, impacting over 15% of the company’s worldwide workforce. Israel, home to Intel’s largest operational division, will see a significant portion of these job cuts.
According to Globes, employees across Intel’s Haifa, Jerusalem, and Petah Tikva offices will be notified. Intel, which employs around 125,000 people globally and 11,000 in Israel, has also seen nearly 7,500 employees opt for voluntary retirement as part of the restructuring. The company’s downsizing efforts are expected to conclude by the end of 2024, with U.S.-based layoffs beginning after November 15.
Intel, a long-standing contributor to Israel’s economy, accounts for around 6% of the country’s GDP, with contributions close to $9 billion. However, the company has recently reported losses, posting a $1.6 billion net loss in Q2 2024, compared to a $1.5 billion net profit in 2023.
