Tech

TSMC to hire more than 6,000 new employees by 2023 despite global downturn in chip sector


Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, will hire more than 6,000 new employees by 2023, the company said in a statement on Saturday. Hiring momentum comes despite the global slowdown in the chip industry.

Based on TSMCthe company will be looking for young engineers with bachelor’s, master’s or doctoral degrees in electrical engineering or software-related fields, in cities across Taiwan.

The company added that the average total salary of a new engineer with a master’s degree is NT$2 million (approximately Rs 53,55,930).

Declining demand for electronics and high inventory levels following a shortage of some chips have led to a downturn in the semiconductor industry.

Since the end of 2022, some chip companies around the world have limited investment.

smart recently announced that it would cut payments to mid-level employees and executives from 5% to 25%. CEO Pat Gelsinger also took a 25% pay cut. Meanwhile, the company’s hourly workforce wages will not be cut, said a person familiar with the matter who was not authorized to speak publicly.

Gelsinger also acknowledged that Intel has “failed” and lost market share to rivals such as Advanced Micro Devices, which reported quarterly sales that beat Wall Street’s expectations. The person also said the company has downgraded its 401(k) matching program from 5% to 2.5% and halted quarterly salary increases and performance bonuses.

TSMC’s dominance in producing some of the most advanced chips for high-end customers such as Apple protected it from recession.

The company has slightly lowered its annual capital expenditure for 2023 and predicts first-quarter revenue will decline, but said it expects demand to pick up in the second half of the year.

© Thomson Reuters 2023


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