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AMD cuts 1100 jobs, shrinks pay

Posted on Friday, January 16 2009 @ 20:49:00 CET by

The rumors about a new round of layoffs at AMD were true, the chip firm just officially announced it will cut 9 percent of its workforce, or about 1,100 jobs.

This is the latest in a series of layoffs at AMD, in December 2008 the troubled tech firm fired 600 employees, after cutting 1,600 jobs earlier that year. AMD currently has 15,000 workers, but as it's spinning off its manufacturing operations into The Foundry Co the 3,000 employees who work at the fabs aren't affected by this announcement.

Additionally, AMD unveiled it will save costs by instituting temporary salary cuts in the US and Canada, these range from 5 percent for hourly workers to 20 percent for CEO Dirk Meyer and Executive Chairman Hector Ruiz. Voluntary pay cuts will be sought at AMD's offices outside the US and Canada, as allowed by local governments there. Furthermore, AMD will also halt its company 401(k) match.
The chipmaker will also institute temporary salary cuts, with its CEO Dirk Meyer and Executive Chairman Hector Ruiz both taking a 20 percent cut. In the U.S. and Canada, executives that hold a rank of vice president or higher will receive a 15 percent pay cut and salaried workers a 10 percent cut. Hourly workers, meanwhile, will face a 5 percent wage reduction.



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