TSMC Workers Salty About 5% Pay Raise – Say Intel Isn’t This ‘Stingy’

wccftech.com:

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

The Taiwan Semiconductor Manufacturing Company (TSMC) raised its employees' salaries by up to 5% earlier today in Taiwan and the result left workers unhappy as some complained that last year's increments were higher. TSMC, like other firms in the semiconductor industry, is facing an industry downturn that is expected to continue during the first half of this year. This has reduced the demand for the firm's product and led to reports that its customers are also reducing their orders. In response to the complaints, the firm responded that previous increments were higher due to dividends being adjusted into salary and a growing chip sector.

TSMC's annual employee salary increases are based on several conditions, such as seniority and performance. The latest of these came out at a 5% maximum, indicating that not all employees would see a pay raise this year, and those that would have to contend themselves with a much lower raise than they had previously gotten.

Naturally, the news generated a mixed reaction from the employees, reports the United Daily News (UDN). Some of them were disappointed particularly due to the high inflation in Taiwan and the rate of previous upgrades. Inflation in Taiwan crossed 3% in January after being on a consistent downtrend since the latter half of 2022.

However, some employees saw their pay increase by as much as 10% last year, so they could better bear the inflationary pressures. Taiwan's inflation peaked at 3.6% in June 2022, a level it had previously crossed only during the aftermath of the 2008 global financial crisis and the Great Recession.

The division