TSMC reports big rise in employee compensation in recent years

Taipei, Aug. 31 (CNA) Taiwan Semiconductor Manufacturing Co. (TSMC) said that average annual compensation and benefits for its employees reached NT$3.57 million (US$116,770) in 2024, marking a 44.5 percent increase compared with 2020.

According to the company's 2024 sustainability report, TSMC's total spending on compensation and benefits rose from about NT$140.8 billion in 2020 to about NT$301.8 billion in 2024.

Taiwan's most valuable company by capital capitalization noted that newly hired engineers who hold master's degrees at its Taiwan facilities and at Visera Technologies Co. Ltd., a company TSMC largely controls, received average total compensation of more than NT$2 million in 2024.

Workers directly employed by TSMC, the world's largest contract chipmaker, in production and manufacturing earned total compensation exceeding NT$1 million on average, the company said.

The Hsinchu City-based company also said that the monthly income of these employees was more than four times the basic wage in Taiwan.