Intel, one of the world’s largest technology companies, is reportedly set to implement pay cuts for its employees. The cuts are expected to affect a significant portion of the company’s workforce and are part of a broader cost-saving initiative.

Sources close to the matter indicate that the pay cuts will be implemented across the company’s divisions and will range from a few percent to double-digit reductions. The cuts are expected to affect both salaried and hourly workers, with some employees potentially facing a reduction in both base pay and bonuses.

The move comes as Intel continues to face pressure from declining demand for personal computers, which have traditionally been a major source of revenue for the company. In recent years, Intel has also faced increased competition from rivals such as AMD and Qualcomm, who have gained market share in the increasingly competitive semiconductor industry.

In response to these challenges, Intel has been working to shift its focus towards more lucrative areas such as data centers and the Internet of Things. However, the company has struggled to keep pace with these changes, and the pay cuts are seen as a means of reducing costs and improving its financial performance.

Overall, the pay cuts at Intel are a sign of the challenges facing the technology industry, as companies struggle to adapt to changing market conditions and increased competition. The cuts are likely to have a significant impact on employees, and it remains to be seen how the company will address these concerns moving forward.