Taiwan Semiconductor Manufacturing Company (TSMC) will raise its employees' base salaries in 2012, said chairman and CEO Morris Chang at a company event on October 15. Chang did not reveal the increase rate.

Chang also remarked that TSMC currently has no plans to undertake any cost-reduction measures such as layoffs or mandatory unpaid leave. Chang also promised that there will be no job cuts through 2012, and employees will not be required to take unpaid leave.

Chang claimed that TSMC has strong fundamentals, outstanding talent, abundant capital, advanced technology and solid profitability, which help it get through tough economic times.

TSMC currently has about 34,000 employees worldwide.