So a few comments here as someone who currently works there and is under these cuts.
1) When you combine pay reductions *with* ongoing layoffs the impact is extremely corrosive. Considerably more so than just layoffs, cause once those are done you tend to feel "safe". Now we still having *ongoing* layoffs combined with paycuts and no timeline for resumption of "normal" pay, no budget for even basic raises anymore, let alone merit based ones.
2) Given that the higher up you are, the more of your compensations is from stock and annual bonuses, which have largely been left alone, the 15-25% reduction is suddenly a lot less
3) Whats very deceptive in what Intel did is that they also cut the 401k match in half (and it was considerable) , as well as nuking the quarterly bonuses, which requires understanding a bit about how compensation at intel works. Intel has always moderately underpaid folks with its base salary and made up for it with consistent quarterly bonuses. In practice without the semi-reliable bonuses and 401k matching that 5% pay cut is actually 15-20%. Add in inflation and for some folks its actually a 25% cut compared to this time last year.