Global chipmaking giant TSMC plans to hire 6,000 employees this year | CNN Business

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CNN
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Semiconductor giant TSMC plans to add more than 6,000 jobs this year, despite a broader slowdown in chip demand.

The world’s largest contract chipmaker is looking to hire new engineers and production line operators at its Taiwan base in the cities of Hsinchu, Taichung, Tainan and Kaohsiung, it confirmed on Monday.

“TSMC is broadly recruiting both experienced professionals and first-time job seekers,” including recent college graduates, he said in a statement to CNN.

The manufacturing giant is looking for candidates with backgrounds in various fields of engineering, as well as finance, management and human resources, he added.

TSMC, which stands for Taiwan Semiconductor Manufacturing Company, produces about 90% of the world’s super-advanced chips. It is one of the world’s most valuable listed companies, with a market capitalization of 13.3 trillion New Taiwan dollars (about $435.4 billion) as of Monday.

In Asia, TSMC’s market capitalization is currently tied with that of Chinese tech giant Tencent (TCEHY), which is they are worth around 3.5 trillion Hong Kong dollars ($448.4 billion).

The Taiwanese chipmaker’s hiring day coincides with a general decline in global chip demand as consumers around the world buy fewer electronics due to high inflation and a broader economic slowdown.

In January, TSMC reported strong earnings but warned of an expected drop in revenue in the first six months of the year. Chief executive CC Wei told analysts at the time that the company expected a “healthy recovery” later in 2023, with sales expected to pick up in the second half.

On the back of its record earnings last year, TSMC’s board last month approved the distribution of 121 billion New Taiwan dollars ($4 billion) in performance-related and profit-sharing bonuses to employees based in Taiwan.

The board also approved a plan to inject up to $3.5 billion into the company’s Arizona subsidiary, part of a previously announced $40 billion investment in the United States. TSMC announced last year that it was building a second semiconductor factory in Phoenix and increasing its investment there.

The company can also expand further abroad. In January, it said it was considering opening its first plant in Europe and a second in Japan.

TSMC currently employs about 70,000 employees, he told CNN on Monday. This means that its latest recruitment drive would increase its overall workforce by almost 9%.

The average salary for a new Taiwan-based engineer with a master’s degree would be 2 million New Taiwan dollars (about $65,400), according to TSMC.

By comparison, the average monthly wage in Taiwan in 2022 was NT$44,417 ($1,452), according to the government. This would equate to approximately 533,004 New Taiwan dollars ($17,426) per year.

— Juliana Liu and Wayne Chang contributed to this report.