Job cuts in the IT industry have been a familiar situation for individuals and companies for the last several years after the burst of the bubble. While the situation is a lot better today than it was several years ago, large job cuts are still common. This week, Intel announced that roughly 1000 jobs will be cut in New Mexico at its Rio Rancho plant which is known as Fab 11X. Intel's 300mm plant currently holds roughly 5000 employees and a 20 percent job cut anywhere is hefty.Intel indicated that Fab 11X also produces 200mm silicon wafers, which is now an obsolete technology. Because of this, those involved in that technology will be let go. Intel's push to expand its 300mm technology is in full force. The company recently announced that it will expand its 300mm production facilities in China with a focus on a move to 45nm fabrication.Intel indicated that it will be offering employees severance packages and the option to reapply for a job within the company. "Both options give you a great package, a competitive package," said Intel spokesman Jami Grindatto. "It's based on years of service"Some employees that are part of the cut have been working at Intel for more than 25 years.Late last year, Intel announced a major plan to restructure the company as a whole. As a result, roughly 10,000 employees ended up on the chopping block. Several days after the announcement, Intel increased the figure to 10,500 employees, making for a 10% cut of its entire global workforce.