The ByteDance will cease doling out red packets to employees during the Chinese New Year from 2026 onwards. Instead, they will enhance healthcare coverage and other benefits. The new benefits package includes improved health insurance with access to premium medical care in public hospitals, higher reimbursement rates, and 300 yuan (approximately 1,400 baht) for dental cleaning. Additionally, employees can get free flu shots for their extended family, free gym memberships, and the company will provide healthy snacks like nuts, fruits, and yogurt based on office location.
These new benefits will be added to the existing welfare covering basic dental insurance and child healthcare. The company has also adjusted its incentive policies starting from January 2024, offering bonuses at year-end in cash or stocks to motivate high-performing employees.
The slowdown in growth has prompted the Chinese tech industry to rethink compensation strategies and employee rewards. ByteDance’s tradition of giving red packets to employees since 2017 has evolved into a global perk where all employees receive monetary rewards based on tenure, ranging from hundreds to thousands of yuan.
Source: South China Morning Post
TLDR: ByteDance is phasing out red packet bonuses for Chinese New Year and introducing enhanced healthcare and wellness benefits for employees, including free flu shots for family members and gym memberships. Employee incentives have been adjusted to include year-end bonuses in cash or stocks, reflecting a shift in the Chinese tech industry’s compensation practices.
Leave a Comment