Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chip maker, will recruit more than 6,000 new employees in 2023, the company said in a statement on Saturday. The recruitment drive continues despite the global slowdown in the chip industry.
According to TSMC, the company will be looking for young engineers with associate, bachelor’s, master’s or doctoral degrees in electrical engineering or software-related fields in cities throughout Taiwan.
The company said the average total salary for a new engineer with a master’s degree is T$2 million (approximately Rs 53,55,930).
The semiconductor industry is in recession due to a decline in demand for electronics and high inventory levels following a shortage of some chips.
Since the end of 2022, many chip companies around the world have curbed investment.
Intel recently announced that it would be cutting pay for mid-level employees and executives by 5 percent to 25 percent. Chief executive Pat Gelsinger also took a 25 percent pay cut. Meanwhile, wages for the company’s hourly workforce will not be cut, said a person familiar with the matter who was not authorized to speak publicly.
Gelsinger also acknowledged that Intel has “faltered” and lost market share to rivals such as Advanced Micro Devices, whose quarterly sales were above Wall Street expectations. The company also reduced its 401(k) matching program from 5 percent to 2.5 percent and suspended merit raises and quarterly performance bonuses, the person said.
TSMC’s dominance in making some of the most advanced chips for high-end customers like Apple has protected it from recession.
The company slightly reduced its annual capital spending for 2023 and predicted a decline in first-quarter revenue, but said it expected demand to pick up in the second half of this year.
© Thomson Reuters 2023
