Intel demands stock options back from sacked staff

Union not happy

Intel is demanding the return of stock options from 300 soon-to-be-sacked staff in its Danish office.

Intel has decided to close its Danish division but wants all stock options - legitimately earnt by the employees - to be returned, the Danish Broadcast Corporation has reported.

The trade union, Prosa, is not impressed. Its president Henrik Kroos told Danmarks Radio: "This is completely unacceptable. We insist that Intel must pay what they owe their employees. Otherwise we will meet in court."

Intel has said it will allow staff to take up options that have already matured but will not validate any that mature after they leave the company's employment. Prosa insists that staff are compensated. It does, however, accept that the severance package offered to staff is generous - everyone will receive a lump sum of £6,500 plus several months extra pay depending on length of service.

Intel said on Tuesday that it was shutting down its business in Denmark, with the exception of optical specialist Giga, with the loss of 300 staff. Denmark produces a significant number of Intel's networking products but the company has decided to outsource them to third parties instead and concentrate on semiconductors.

Thanks to Mogens Svendsen for the tip and translation of this story. ®

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