TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co. (TSMC) reported Thursday (Aug. 1) that its average employee salary was NT$2.5 million (US$76,265) in 2023.

According to a company report released Thursday, the figure is a slight increase from NT$2.33 million in 2022, per CNA. The turnover rate for new employees within one year decreased from 15% in 2022 to 8.9%, and the overall employee turnover rate dropped to 3.7%, per Liberty Times.

TSMC said by offering competitive compensation and a safe and healthy work environment, they aim to create a sense of belonging to the company. Additionally, there are measures to care for new employees to help them integrate into the workplace, the company explained.

The company added that its overall compensation package includes base salary, allowances, cash bonuses, and remuneration, it said. In 2023, the average salary for newly recruited master’s degree engineers at TSMC’s Taiwan plants and subsidiary VIS was over NT$2 million, it reported.

TSMC said it recruited 6,133 new employees and created 3,394 job opportunities last year.