Taiwan Semiconductor Manufacturing (TSMC), the world’s largest contract chipmaker, will hire more than 6,000 new staff in 2023.

The hiring drive comes despite a global downturn in the chip industry. The Semiconductor Industry Association (SIA) recently announced global semiconductor industry sales totaled $41.3 billion during January 2023, a decrease of 5.2 percent compared to the December 2022 total of $43.6 billion and 18.5 percent less than the January 2022 total of $50.7 billion.

TSMC said the company will seek young engineers with associates, bachelor’s, masters’s or doctorate degrees in electrical engineering or software-related fields, in cities all across Taiwan.

TSMC is offering salary of T$2 million ($65,578) to a new engineer with a master’s degree.

Intel recently announced that it would cut payments to mid-level staff and executives from 5 percent to 25 percent.

TSMC’s dominance in making some of the most advanced chips for high-end customers such as Apple has shielded it from downturn.

TSMC reduced its annual capital expenditure for 2023 and predicts a first-quarter revenue drop, but has said it expects demand to pick up by the second half of this year.