Intel to shut down Cavite facility by year-end

I mean that’s 1.75 x 12 x years of service, correct?

wee.. talaga naman affected na ang lahat ng GLOBAL FINANCIAL CRISIS. POOR US. :(

so it’s slowly affecting us now eh?

guys,

The multiplier depends on the years of service you have rendered for the company. I can’t remember the exact formula that was used but there are certain brackets with certain multipliers (e.g. <4 years is x, 5-8 years is y).

Aside from the separation pay, the retirement pay was also given even if you are with Intel for less than 10 years (it’s prorated of course). Additionally, medical benefits were extended for another year from day of separation. Workshops were also provided by Intel to prepare these employees for a new career.

All in all i’m very much happy on how Intel treated us. I bet no other company right now in the Philippines who has laid-off their employees has done these extended effort.

under the law, separation package should be HALF MONTH salary, not ONE MONTH SALARY, for every year of service. the intel formula is not as simple as pegging number of months per year of service. it is a very rich package, such that you get higher multiplier if you have longer length of service.

there was NO MEMO circulated to employees re shutting down the facilities. they were informed in a big forum which they call BUM or business update meeting, personally by one of their corporate EVPs. the memo circulated was only to advice employees to attend the big meeting.