Intel Cuts Employee Pay to Maintain Quarterly Dividend

Re:Intel Cuts Employee Pay to Maintain Quarterly Dividend by foepys on Wednesday February 01, 2023 @01:51AM (#34607317)

In Germany this is known as "Kurzarbeit" (literal translation: short work). The company reduces the work hours of employees and the pay gets cut proportionally. The cut hours will be paid by the state at a rate of 60% (67% for workers with children, the rate is the same as unemployment).

So if a worker's hours get cut by 50%, they still get paid 80-83.5% of their wage. The company can choose to get the employees' pay back to 100% if they pay the difference, which sometimes happens if the hours are cut because there is not enough work and not because the company is in financial distress.

This helped quite a lot of companies to stay in business during COVID.

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Re:Intel Cuts Employee Pay to Maintain Quarterly Dividend by siva7 on Wednesday February 01, 2023 @02:11AM (#34607438)

That's not the same. This one is a pay cut while maintaining the same hours.

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Re:Intel Cuts Employee Pay to Maintain Quarterly Dividend by 411111111111111 on Wednesday February 01, 2023 @03:55AM (#34608105)

Kurzarbeit is specifically for the industry ("Fertigung") so that the large production sites can survive when they're not getting enough orders to put everyone to work.

I admit that it's been heavily misused during Corona though, as every large corporation wanted to legally steal a little money from the state.

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