Japanese semiconductor equipment giant sees a 40 salary increase in the new year
Time:2024-02-05
Views:377
Source: EETOP
On January 1st, according to Japanese media reports, Japanese semiconductor manufacturing equipment giant Tokyo Electric (TEL) will increase the starting monthly salary of new employees by about 40% to ensure talent by aligning their salaries with foreign counterparts.
The company will increase the salaries of all new employees by 85500 yen. College graduates who join the company in April 2024 will earn 304800 yen (approximately 15340 yuan) per month, while those with higher degrees will earn 320000 yen (approximately 16000 yuan), both above the 300000 yen mark. This is the first time in seven years that Tokyo Electronics has raised salaries for new employees.
Japan has made a series of significant investments related to chips, including TSMC‘s entry into the southwestern main island of Kyushu Island. Chip manufacturers offer high salaries to hire skilled workers, and this trend also affects equipment manufacturers.
TEL plans to recruit approximately 400 new graduates in the spring, an increase of 50 from the previous year, and increase the number of new employees to 500 within a few years.
According to a survey conducted by the National Bureau of Personnel in the spring of 2023, the average starting salary for college graduates from private enterprises in Japan is about 210000 yen, with 230000 yen for those with higher education.
A source from TEL said, "In order to acquire talent, our goal is to increase the salary levels of foreign competitors."
Although TEL believes that its annual income (including summer and winter bonuses) is comparable to or higher than its overseas competitors, the company is concerned that job listings (only listing starting salaries) may make its job opportunities appear less attractive.
Many foreign equipment and semiconductor manufacturers operating in Japan offer a starting salary of over 300000 yen for individuals with a bachelor‘s degree.
The starting salary provided by Applied Materials Company for Japanese fresh university graduates is 370000 yen. The starting salary for Lam Research is about 300000 yen, while the starting salary for Micron Technology, which has a factory in Hiroshima Prefecture, is about 310000 yen.
Japan is providing subsidies to start its chip manufacturing industry. TSMC plans to start production at its new Kumamoto factory by the end of 2024, while government supported chip manufacturer Rapidus is seeking to build a factory in Hokkaido by 2025. With the increase in research and production investment, talent competition is intensifying.
Due to strong business performance, TEL has been increasing its annual salary, including bonuses. The financial statements show that the average annual salary as of March 2023 was 13.98 million yen (approximately 700000 RMB), an increase of 3.22 million yen compared to March 2018.
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