Chipmaker Intel looks to reduce headcount as it plans for lower-than-expected full-year earnings.
Outgoing Shell CE Ben van Beurden can expect a year’s base salary as compensation for loss of office, following nearly a decade at the helm and 40 years at the oil giant, while fired Twitter execs are expected to receive handsome payouts, after being fired by new owner Elon Musk, and chipmaker Intel says it is considering steps to reduce headcount as part of its efforts to aims to deliver up to R182 billion in cost reductions and efficiency improvements.
Pay raise of almost 12 percent for Belgian workers
One million employees in Belgium are expected to receive an automatic pay raise of 11.59 percent on 1 January 2023 due to record inflation in the country, according to HR services provider SD Worx.
Annual inflation in Belgium hit 12.27 percent in October 2022, its highest since June 1975, as food and energy costs soared, Belgian statistics office Statbel calculated.
In Belgium, the wages of all workers are linked to inflation by law so that their purchasing power remains the same.
How wage indexation is calculated in Belgium depends on the sector but people whose pay is re-calculated each year on 1 January can expect a pay rise of more or less 11.59 percent, Geert Vermeir from SD Worx told Reuters.
Intel ponders reduced headcount as revenue declines
Intel has announced that it is considering steps to reduce headcount, following a lower-than-expected earnings guidance for the full fiscal year. The chipmaker aims to deliver up to R182 billion in cost reductions and efficiency improvements, after reporting that overall revenue declined 15 percent year over year in the quarter, which ended on 1 October 2022.
“We are planning for the economic uncertainty to persist into 2023,” CEO Pat Gelsinger said on a conference call with analysts.
He added, “Inclusive in our efforts will be steps to optimise our headcount. These are difficult decisions affecting our loyal Intel family.” A global recession is possible, said Intel’s finance chief, David Zinsner.
Twitter’s fired execs could receive R2 billion payout
Three top executives of Twitter, who were fired by new owner Elon Musk, could receive separation payouts of about R2 billion, according to research firm Equilar.
Musk fired Twitter CE Parag Agrawal, CFO Ned Segal, and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter. He had accused them of misleading him and Twitter investors over the number of fake accounts on the platform, reports Reuters.
Shell CE to be compensated for loss of office
Shell’s outgoing CE, Ben van Beurden, will receive a year’s base salary of about R30 million as compensation after leaving the position at the end of the year. Van Beurden will step down after nearly a decade at the helm and 40 years at Shell.
The payment will be done in six equal monthly instalments between 1 July 2023 and 31 December 2023, reports Reuters.
The company said the outstanding payment for loss of office will be halved if van Beurden gets a paid position, excluding non-executive directorships, during the payment period, reports Reuters.