TSMC to Recruit More Than 6,000 New Staff in 2023 Despite Global Downturn in Chip Sector

Intel recently announced that it would cut payments to mid-level staff and executives from 5 percent to 25 percent.

By Reuters | Updated: 4 March 2023 10:36 IST

TSMC to Recruit More Than 6,000 New Staff in 2023 Despite Global Downturn in Chip Sector

Photo Credit: Reuters

Many chip companies around the world have reined in investments since late 2022

Highlights

TSMC slightly reduced its annual capital expenditure for 2023
The hiring drive comes despite a global downturn in the chip industry
Intel recently announced pay cuts for mid-level staff and executives

Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker, will recruit more than 6,000 new staff in 2023, the company said in a statement on Saturday. The hiring drive comes despite a global downturn in the chip industry.

According to TSMC, the company will seek young engineers with associates, bachelor's, masters's or doctorate degrees in electrical engineering or software-related fields, in cities all across Taiwan.

The average overall salary of a new engineer with a master's degree is T$2 million (roughly Rs. 53,55,930), the company added.

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

Since late 2022, a number of chip companies around the world have reined in investments.

Intel recently announced that it would cut payments to mid-level staff and executives from 5 percent to 25 percent. Chief Executive Pat Gelsinger also took a pay cut of 25 percent. Meanwhile, the company's hourly workforce's pay will not be cut, said a person familiar with the matter who was not authorised to speak publicly.

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Gelsinger also conceded that Intel has "stumbled" and lost market share to rivals such as Advanced Micro Devices, which on reported quarterly sales that were above Wall Street's expectations. The company has also lowered 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 such as Apple has shielded it from downturn.

The company slightly reduced its annual capital expenditure for 2023 and predicts a first-quarter revenue drop, but has said it expects demand to pick up by the second half of this year.

© Thomson Reuters 2023

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