SMIC pumps up wages to tackle talent loss

Semiconductor Manufacturing International Corporation (0981) yesterday said it has raised the wages of research and development staff, who on average are paid US$65,000 (HK$507,000) annually, to tackle a talent loss.

The increment is around US$9,000 as the number of R&D staff is about 1,758, 30.51 percent less than three years ago before the start of the trade war between the US and China.

SMIC's net profit last year jumped 138 percent to US$1.7 billion as it cashed in on a global chip shortage.

China's largest contract chipmaker also reported its revenue grew nearly 40 percent year-on-year to US$5.4 billion in 2021.Capital expenditure in 2022 will be US$5 billion, exceeding 10 percent of its latest audited net assets.

The chip manufacturer predicted it will invest about US$5 billion this year.