On Wednesday, Senator Rick Scott, a Republican, questioned Intel CEO Pat Gelsinger about the business’s intentions to cut off over 15,000 jobs even though the corporation is expected to receive over $20 billion in grants and loans from the United States to increase chip output.
Scott questioned in a letter as to whether the Commerce Department’s proposed awards failed “to include real metrics that would protect taxpayer dollars from going to companies that could not meet high standards for U.S. manufacturing and job creation.”
We will have access to a 25% investment tax credit according to a preliminary agreement made by the Commerce Department in May for grants totaling $8.5 billion and loans worth up to $11 billion. The winner of the chips is still up for taking.
Regarding Scott’s letter, the agency declined to comment, and Intel did not immediately reply to demands for comment. In May, the Commerce Department announced that the money would help projects in Arizona, New Mexico, Ohio, and Oregon generate over 10,000 manufacturing jobs and close to 20,000 construction employment.
This month, Intel announced that it would reduce expenses by $10 billion by 2025 and lay off almost 15% of its workers, with the majority of the reductions taking place this year.
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