Taiwan's TSMC, Largan, AUO set to give pay raises of 3% to 7%

Employees of several Taiwanese banks said to be getting raises of 2.5 % or higher

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TSMC joins several other Taiwanese tech companies in raising salaries by at least 3%.

TSMC joins several other Taiwanese tech companies in raising salaries by at least 3%. (CNA photo)

TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker, is planning to give pay raises of at least 3 percent to employees by the end of the year.

Largan Precision, the supplier for iPhone's camera lens module; smartphone and laptop maker Asus; and display panel maker AU Optronics are also among the Taiwanese tech companies announcing a salary increase, with each set to give employees raises of 3 percent, 3 to 5 percent, and 7 percent, respectively, according to a report.

Meanwhile, Hsinchu-based NOR flash and NAND flash memory chipmaker Macronix International announced on Monday (Dec. 9) at its 30th-anniversary celebration that it will give each employee a red envelope of NT$10,000 (US$328) as an additional bonus, as well as a pay raise plan, as the company has secured more orders from international 5G companies, including China's Huawei, and a NOR flash market share leadership with around 80 percent revenue share.

Largan CEO Enping Lin (林恩平) told media that the company has been giving employees an average raise of 3 percent year after year.

In addition to tech companies, Taiwanese banks are said to be handing out raises of 2.4 percent or higher to their workers, including Mega International Commercial Bank, Hua Nan Commercial Bank, the Bank of Taiwan, and First Commercial Bank. Employees of E. Sun Commercial Bank are said to have received raises of 4 to 6 percent last year, and Union Bank of Taiwan and Taishin International Bank have each proposed a 5 percent increase in salary.