Taiwan Semiconductor Manufacturing Co Ltd, the world’s largest contract chipmaker, announced in a statement on Saturday that it will hire more than 6,000 new employees in 2023.

The hiring push come against the backdrop that semiconductor sector is facing a global downturn.  

In locations all throughout Taiwan, TSMC claims that the corporation will be looking for young engineers with associate's, bachelor's, master's, or doctoral degrees in electrical engineering or related subjects.

According to the firm, a new engineer with a master's degree may expect to make T$2 million ($65,578.07) annually in total compensation.

Several chip companies all throughout the world have reduced investments since late 2022.

Intel Corp recently disclosed that it would reduce payouts to executives and mid-level employees by anywhere between 5% and 25%.

TSMC was founded by Taiwanese billionaire Morris Chang in 1987, focusing on the contract chip making business. Headquartered in the industrial hub of Hsinchu, TSMC is the biggest manufacturer of the world’s most advanced chips, which are used in smartphones, computers, servers, cars.

The Taiwanese company manufacture semiconductors for clients like Nvidia and Qualcomm, and is the supplier of Apple’s custom silicon chips.

In a 2021 statement, TSMC said it would invest USD100 million over the next three years to increase production capacity at its plants.