ByteDance, one of the largest tech companies in China and the parent company of TikTok and its Chinese version, Douyin, is doing away with the popular tradition during Chinese New Year: Giving ‘angpows’ or red packets to its employees.
This is according to an internal letter by the company, whereby 2025 will be the last year the company will award angpows to all its staff for Chinese New Year, with the practice scrapped beginning in 2026.
TikTok parent company ByteDance will no longer give its employees angpows starting 2026
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According to SCMP, the internal letter was sent to all ByteDance employees in China, noting that for this upcoming Chinese New Year, it will issue a final angpow to employees, with the amount ranging from hundreds to thousands of Chinese Yuans based on their tenure in the company.
For context, ByteDance started the tradition of giving angpows to all its employees in 2017 as a form of universal perk for them.
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However, the company will continue its tradition of offering gift boxes for the Lunar New Year. The most recent one, given in December 2024, included items such as a calendar and an Insta360 Flow Pro smartphone stabiliser.
ByteDance will offer employees other perks instead
While the Chinese New Year angpow perk will be scrapped next year, ByteDance will provide other perks for its employees.
These include expanding medical insurance, increasing incentives for high-performance employees such as year-end bonuses that may include both cash and stock options, partial coverage for external gym memberships, gift boxes for employment anniversaries and others.
Previously, ByteDance also made headlines in Malaysia after it laid off some 700 employees in our country via email.
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So, what do you guys think of ByteDance scrapping angpow perks for its staff starting next year? Share your thoughts with us in the comments!
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This post first appeared on WORLD OF BUZZ.
