TAIPEI (Taiwan News) – National Taiwan University will invest NT$1.5 billion (US$47.57 million) annually to attract and retain talent, reports said Saturday.

Facing tough international competition, Taiwan’s prestigious college will spend NT$1.1 billion per year on keeping talent and NT$400,000 to attract outside talent, University President Chen Wen-chang (陳文章) said. The school is also offering funds to new teachers to assist in their innovation efforts, per CNA.

Even though universities offered a stable working environment, the salaries of teachers needed to rise to withstand competition from the private sector and from overseas, Chen told Saturday’s university affairs meeting. While the college is unable to double professors’ salaries as some had suggested, a bonus system allows an increase in teachers’ earnings by 60%, he said.

New teaching staff will receive innovation research funding and subsidies for the necessary equipment, according to the university president. He added the new teachers will also benefit from a five-year residence guarantee program to assist them with their housing needs.