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Japan's semiconductor equipment giant Tokyo Electron to give new hires big 40% pay hike

Update time : 2024-01-15 10:52:16

Japanese semiconductor equipment maker Tokyo Electron (TEL) recently said it will raise starting monthly salaries for new hires by about 40 percent, securing talent by bringing their pay in line with foreign counterparts.

TEL plans to recruit about 400 new graduates this spring, up 50 from last year, and increase the number of new hires to 500 in a few years. At the same time TEL is increasing the salaries of all new employees by 85,500 yen. college graduates joining the company in April 2024 will receive 304,800 yen (about 15,340 yuan) a month, while those with higher degrees will get 320,000 yen (about 16,000 yuan), the first pay raise for new employees at Tokyo Electron in seven years.
A TEL source said, "In order to acquire talent, we are aiming to raise pay levels to be on par with our foreign counterparts."
Many foreign equipment and semiconductor manufacturing companies operating in Japan offer starting salaries of more than 300,000 yen to those with college degrees.
Applied Materials, for example, offers a starting salary of 370,000 yen in Japan for recent college graduates, while Colin Research and Development (Lam Research) has a starting salary of about 300,000 yen, and Micron Technology, which has a plant in Hiroshima, has a starting salary of about 310,000 yen.
Japan is currently seeking to provide subsidies to stimulate the development of the semiconductor manufacturing industry. TSMC's Kumamoto plant is scheduled to begin production at the end of 2024, while the Japanese government-backed "national team" Rapidus is seeking to complete the plant in Hokkaido in 2025 and trial production of 2-nanometer chips. As research and production investment rises, competition for talent naturally heats up.

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