Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Global chip manufacturer, Intel, is to cut up to 750 jobs in Ireland as part of the company’s plan to cut 16,500 jobs globally. The job cuts are a result of high operating costs and lower than expected revenues.
Intel currently employs 5,000 people in Ireland and the cuts are likely to amount to between 600 and 750 job losses. Intel has started consultations with staff on voluntary redundancies at its Leixlip plant.
It has been reported that the voluntary package will be open to 4,000 employees in Ireland. It has also been reported that the package on offer is five weeks’ pay per year of service, in addition to statutory redundancy of two weeks’ pay per year of service, capped at €600 per week. This is subject to an overall cap of 104 weeks’ pay, or €500,000. According to reports, staff members have until August 23rd 2024 to apply for voluntary redundancy and will be notified on September 6 if their application is approved. Employees offered redundancy will leave on September 30.
The corresponding world case can be found here: Intel - 2024 - WO.
Eurofound (2024), Intel, Internal restructuring in Ireland, factsheet number 201519, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201519.