Taiwan Semiconductor Manufacturing Co Ltd (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 associate, 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 ($65,578.07), the company added.

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

TSMC’s dominance in making some of the most advanced chips for high-end customers such as Apple Inc 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.

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