Latest news with #severance
Globe and Mail
a day ago
- Business
- Globe and Mail
New Hirings, Big Firings Give Intel Stock (NASDAQ:INTC) a Hefty Surge
Chip stock Intel (INTC) has had a fairly rough time with its employees of late, what with firing so many of them in rapid fashion. And the latest set of firings comes with some unexpected word about severance packages: there are none. Meanwhile, a few new hires are getting in on the action in a bid to turn things around at Intel. This was good enough for investors, though, who sent Intel shares on the rise nearly 3% in Wednesday afternoon's trading. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter We remember that Intel plans to lay off about one person in every five from the manufacturing division, which adds up to somewhere around 10,000 employees in total, reports noted. But, in perhaps a rougher note still, reports noted that there will be neither 'voluntary buyouts' nor 'early retirement packages' offered. Rather, Intel will be firing employees '…based on performance evaluations and strategic priorities,' reports noted. This is the third major round of layoffs Intel has posted so far in the last 12 months, reports note, and has seen everyone from top-level brass to middle management tossed out in a bid to streamline operations. But now, with the factory floor about to take a layoff with nothing more than the shirts on their collective back, the blows will hit throughout the entire operation. Not Everybody is Fired And, as we also heard previously, Intel is looking to beef up its engineering ranks to try and develop the next big things in processor development. With Intel looking to get back market share lost to several different competitors, this is perhaps the most clearly urgent course of action for Intel. Intel recently picked up three 'chip industry executives,' reports noted, who would be tasked with engineering roles, as well as networking roles, within Intel. The new hires come from substantial engineering backgrounds, serving as part of a 'flattened' leadership team. One of them will be running a newly-minted 'customer engineering center,' while another will handle development of an artificial intelligence (AI)-focused system-on-a-chip (SoC) development. The third will handle development duties on new chip architectures, helping to keep Intel in the hunt for the t op slot in the market. Is Intel a Buy, Hold or Sell? Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on one Buy, 26 Holds and four Sells assigned in the past three months, as indicated by the graphic below. After a 32.07% loss in its share price over the past year, the average INTC price target of $21.30 per share implies 0.44% downside risk. See more INTC analyst ratings Disclosure
Independent Singapore
13-06-2025
- Business
- Independent Singapore
Jetstar Asia staff offered ‘attractive' severance package and job support after 'quite sudden' closure
SINGAPORE: More than 500 Jetstar Asia staff based in Singapore will be laid off when the Qantas low-cost subsidiary ceases operations on Jul 31. The closure was announced to employees through a company-wide email at about 7 a.m. on Thursday (Jun 12), just before the public announcement. While some found the move 'extreme,' others appreciated what they described as an 'attractive' severance package, Channel News Asia (CNA) reported. Shortly after the official announcement, a company town hall was held at Changi Airport Terminal 1, with an option to attend virtually, a flight attendant said. During the meeting, management discussed the company's challenges, including operating expenses and fuel prices, as reasons for Jetstar Asia's closure. A cabin crew member who had worked for Jetstar Asia for three years said the news was 'sad and disappointing.' 'The management did call us up individually and asked us how we are coping and are we okay, because we still have to work,' he said. Meanwhile, a pilot who joined the company less than a year ago told CNA that they had 'no real clue' that such a 'quite sudden' move was coming. However, he noted that the severance package was 'attractive' and 'quite good,' especially for those who have been with the airline for longer. The severance package includes four weeks' salary for each year of service with the airline, a bonus for the current financial year, a special thank-you payment, and continued access to staff travel perks for a period equal to their tenure. Jetstar is also supporting employees in securing new roles across the aviation sector. Staff said they were given channels to other airlines, including Singapore Airlines (SIA), Emirates, and Qatar Airways, in addition to Jetstar Airways and Jetstar Japan. 'They handled it quite well, they tried to give us other opportunities,' the pilot said. Unions have also stepped in for support. Labour chief Ng Chee Meng said the National Trades Union Congress (NTUC), the Singapore Manual and Mercantile Workers' Union (SMMWU), and NTUC's Employment and Employability Institute (e2i) would be providing on-site support from next week at Changi's Terminal 1. Mr Ng said this includes career coaching, employability support, and training. Mr Ng added that they are exploring opportunities for SIA Group to match affected Jetstar Asia employees, including crew and corporate staff, to suitable roles where possible. Jetstar Asia 'wants to keep the flights going,' said the pilot, adding that cancelling flights now would affect many people, given it's the holiday period. /TISG Read also: Scoot to take over Jetstar Asia's Okinawa and Labuan Bajo routes
CBC
12-06-2025
- Business
- CBC
Kingston causeway workers get severance pay nearly a year after bridge torn down
Social Sharing After months of waiting, workers who operated the LaSalle Causeway lift bridge in Kingston, Ont., have finally received their severance. It comes nearly a year after the century-old crossing was demolished following what was supposed to be a repair job, but instead ended with the entire structure being scrapped. "I'm glad it's over. It's a chapter in my life I don't have to worry about again," said Doug Stewart, who worked as a bridge operator for about a year-and-a-half before it was torn down. Stewart, along with bridge master Tom Vilneff, was among the three causeway workers laid off at the end of January. Their collective agreement said they should have received the thousands they were owed within 30 days, but as the weeks added up without any pay, their savings began to take a beating, the men told CBC in a story published May 6. The next day, they heard from the pay centre for Public Services and Procurement Canada (PSPC), the federal department responsible for the bridge. In a phone interview on Wednesday, Stewart described the update from PSPC as a "relief." "It was three months before I got any any action out of the PSPC, and it was only the day after the CBC story ran about that I saw any real action," he explained. Vilneff confirmed he has also since received a compensation package and severance pay. CBC has not been able to confirm whether the third worker received their severance. PSPC did not immediately respond to a request for comment sent Wednesday morning. In a statement back in May, the department said it was aware of "issues faced by its former employees" and was working to resolve them as quickly as possible. At the time, a spokesperson also said that in the previous fiscal year, 89 per cent of its severance cases were processed within 30 days. Grievance filed over financial distress The crossing connects downtown to the city's eastern suburbs and was known as the "singing bridge" for the sound made by the tires of thousands of commuters who crossed it every day. A temporary span is currently in its place. Stewart said he's filed a grievance with PSPC about the severance not being paid in a timely fashion, causing financial distress for his family. "I'm not really after any extra money out of them," he said "I'm just [sending a] 'do better next time' note to my government." Stewart has since found work as a tour guide around the city and said he's happy to have a new way to share his knowledge and show his appreciation for Kingston's history. Still, the former bridge operator said he remains frustrated by how both the crossing and his career there were discarded, adding the way the workers were treated showed a "lack of respect." "It was sort of, 'OK you're done, now off you go.' We weren't responsible for the catastrophes that happened to that bridge," he said. "And I still miss it. I miss the sound of it."
Yahoo
12-06-2025
- Business
- Yahoo
TCGPlayer employee speaks on closing agreement with eBay
SYRACUSE, N.Y. (WSYR) — After a loss of 220 jobs, TCGUnion, the official union for TCGPlayer, approved a closing agreement with eBay. Approximately two weeks ago, a six-year TCGPlayer employee, Richard Vallejo, rallied with his coworkers against union busting by their parent company, eBay. Now, they are walking away. But not empty-handed. They have an improved severance package. Syracuse's TCGplayer, eBay come to agreement over severance package 'We had a lot of back and forth to really, you know, really make sure our members got what they needed to, you know, try to get them through and kind of buy them time to find another job and get back on their feet,' Vallejo said. The package included 20 weeks of severance pay, six months of medical coverage, seven months of mental health benefits, and a $1,250 ratification bonus for everyone in the bargaining unit. But Vallejo said it does not feel entirely like a win. 'Obviously, you always hope you can get more, and it's really…you can't really get enough or anything to make up for the fact that we're losing our community…we're losing our workplace,' he said. Vallejo said he dreads June 20, the first wave of dismissals. 'That's definitely going to be a hit,' he said. 'A lot of people are going to be gone, and it's going to start to feel a bit more empty and barren around the workplace, and just a lot less life in general.' But Vallejo said he is grateful for the time spent with his work family. 'I think a number of people feel similarly…feeling, like, changed and trying to take this as an open door to step into the next part of our lives,' he said, Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CNET
11-06-2025
- Business
- CNET
Losing My Job Without Savings Was a Nightmare. Here's How to Start a Layoff Fund
Be prepared with enough money to cover several months of expenses in case you're laid off.I remember when I was a part of a mass layoff. I was in my early 20s with three months of severance and no idea how I'd land a new job before the checks stopped rolling in. I didn't have much savings stashed away, and an emergency fund hadn't ever occurred to me. With job cuts on the rise and recession risks still high, CNET recently covered how to prepare for a layoff. One of the most important takeaways is to build an emergency fund while you're still employed. I'd recommend a layoff fund, too. If you lose your job, you want peace of mind that you'll be able to cover necessities like housing, food and bills -- even if you end up receiving severance or unemployment benefits. A layoff fund is money set aside in case you're out of work for several months or more than a year. After you commit to saving, you'll want to stash that money in the right place. Here's my take. What your layoff fund should cover To start building your layoff fund, look at your personal circumstances. Factor in the monthly expenses you cover now, accounting for everything from groceries and rent to gas and utilities. Also, consider how you'll pay off debt or any new expenses that might come up. For example, if you're currently receiving health insurance through your employer, you might have to enroll in a marketplace health care plan or jump on a family plan. If you're able to continue your employer's health insurance coverage through COBRA, you'll need enough money to cover that cost out of pocket. Save several months of expenses in your layoff fund Saving a large amount of money to stay afloat for an entire year can feel impossible, especially if you're living paycheck to paycheck. But every small bit of savings while you're still employed can help later if you lose your job. Consider automating contributions from your checking account to your savings fund so you don't even have to think about it. If you have extra time or resources, a side hustle or part-time job can help you shore up your layoff fund. Also, look at what you can cut from your budget now, like subscription services, dining out or even vacations. These Are the Safest Places to Keep Your Money Right Now These Are the Safest Places to Keep Your Money Right Now Click to unmute Video Player is loading. Play Video Play Skip Backward Skip Forward Next playlist item Unmute Current Time 0:00 / Duration 3:55 Loaded : 12.76% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 3:55 Share Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset Done Close Modal Dialog End of dialog window. Close Modal Dialog This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Close Modal Dialog This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. These Are the Safest Places to Keep Your Money Right Now Keep your layoff fund in a high-yield savings account You never know when you'll be laid off, so you'll want your funds to be easily accessible and liquid. I recommend a high-yield savings account for your layoff fund. Here's why: With an HYSA, you'll earn interest on the money you're setting aside. Currently, many online-only banks have annual percentage yields between 3.50% and 4% APY, which can help you get better returns on your money than a traditional savings account. For instance, if you deposit $100 into an HYSA now, and contribute $100 a week for the next six months, you'll have saved an additional $2,400. If the account has a 3.6% annual percentage yield, you'll earn close to $20 in interest, bringing your balance close to $2,420. That might not seem like much, but if you make the same deposits into a traditional savings account with a 0.02% APY, you'll earn only pennies in interest. Also, make sure you're not losing money by paying a monthly maintenance fee on the account. Savings rates are variable, so how much you earn in interest could change over the next several months. Regardless of the APY, what matters most is saving what you can now to prepare for the unexpected.
