Average pay at Intel’s Irish R&D unit tops €120,000

The average pay for the 745 strong workforce at chip maker, Intel’s Irish research & development (R&D) arm last year totalled $130,861 (€124,110).

New accounts show that the pay bill at Intel Research & Development Ireland Ltd was last year $97.35 million made up of $79.49 million in wages and salaries and $17.86m in share-based payments.

The firm’s main activity is R&D activity of new and emerging technologies across a range of Intel business units.

Numbers employed by the firm – formerly Intel Shannon Ltd -last year increased from 665 to 745 and the directors state that the increase in wages and salaries from $64 million in 2021 to $79.6 million last year was due to an increase in headcount.

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At the end of December last, the firm had 691 employed in R&D and 54 in management, administration, sales and marketing.

However, a result of cost cutting measures across Intel Corporation in 2022, the R&D arm’s reorganisation costs for 2022 totalled $21.58 million in redundancy costs.

A note attached to the accounts states that during the year, Intel Corporation announced the implementation of cost-cutting measures, including a slower pace of hiring, designed to reduce operating expenditures and manage the business towards the long-term financial model.

Pretax profits at the company last year increased by 44 per cent from $31.35 million to $45.37 million, with revenues increasing 29.5 per cent from $166.15 million to $215.18 million.

The firm’s activities include an R&D Campus at Shannon and underlining the scale of research at the unit, the firm last year received R&D tax credits from the State of $20.2 million and this followed R&D tax credits of $18.3 million in 2021.

The firm recorded an operating profit of $40.3 million and finance income of $5.08 million resulted in pretax profits of $45.37 million.

The company recorded profits of $40.99 million after incurring a corporation tax charge of $4.92 million.