TSMC to hire more than 6,000 new employees in 2023 despite global chip industry slowdown

Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, will hire more than 6,000 new employees 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 an associate’s degree, bachelor’s degree, master’s degree, or doctorate degree in electrical engineering or software-related fields in cities across Taiwan.

The average overall salary for a new engineer with a master’s degree is 2 million Tanzanian dollars (about 53.55,930 rupees), the company added.

A drop in demand for electronics and high inventory levels following a shortage of certain chips led to a slowdown in the semiconductor industry.

Since the end of 2022, a number of chip companies around the world have curbed their investments.

Intel recently announced that it would cut payouts to mid-level staff and executives by 5% to 25%. General Manager Pat Gelsinger also accepted a 25% pay cut. Meanwhile, hourly wages for the company’s workforce will not be reduced, said a person familiar with the matter who was not authorized to speak publicly.

Gelsinger also admitted that Intel “stumbled” and lost market share to rivals such as Advanced Micro Devices, which reported quarterly sales that beat Wall Street expectations. The company also lowered its 401(k) matching program from 5% to 2.5% and suspended merit increases 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 shielded it from the downturn.

The company has cut annual capital spending slightly for 2023 and expects revenue to decline in the first quarter, but said it expects demand to pick up by the second half of this year.

© Thomson Reuters 2023