ByteDance workers to lose ‘fortunate money’ perk from | finance news
ByteDance, the dad or mum company of TikTok and Douyin, will finish the Lunar New Yr custom of giving purple packets to workers from 2026, however will broaden medical insurance coverage for employees, in accordance with an inside letter despatched to workers on Friday and seen by the South China Morning Put up.
The change is supposed to kind out variations between “incentives” and “welfare”, in accordance with the letter.
The purple packet, or “lucky money”, custom began in 2017 and have become a common perk for all ByteDance workers. The Beijing-based company will nonetheless difficulty them this yr, in quantities starting from tons of to 1000’s of yuan for every worker primarily based on tenure.
Do you’ve questions concerning the largest topics and trends from across the world? Get the solutions with SCMP Data, our new platform of curated content material with explainers, FAQs, analyses and infographics dropped at you by our award-winning group.
ByteDance didn’t instantly reply to a request for remark.
In the meantime, the company has launched measures to increase incentives for high-performance workers, with year-end bonuses which will embrace each money and stock choices, as outlined in a separate incentive plan launched in January 2024.
The Douyin brand, the Chinese language counterpart of TikTok, seen on a ByteDance workplace building in Beijing, January 18, 2025. Photograph: EPA-EFE alt=The Douyin brand, the Chinese language counterpart of TikTok, seen on a ByteDance workplace building in Beijing, January 18, 2025. Photograph: EPA-EFE>
The new advantages package deal contains improved medical insurance coverage, with entry to premium medical care in common public hospitals, in addition to larger reimbursement charges and higher dental care, together with 300 yuan (US$40) for enamel cleansing. Workers can even get free flu vaccinations for his or her youngsters.
It provides advantages to the earlier package deal that coated fundamental dental insurance coverage and youngster medical insurance coverage.
The new ByteDance advantages additionally embrace partial protection for exterior gymnasium memberships, and a shift in the direction of offering more healthy snacks – akin to nuts, fruit and yogurt – relying on the placement of the workplace.
Relating to festive items, the company will proceed its custom of offering present bins for worker anniversaries and the Lunar New Yr however will stop handing out items for the Dragon Boat and Mid-Autumn festivals. The 2025 Lunar New Yr present box, despatched out in December, included objects like a calendar and an Insta360 Movement Professional smartphone stabiliser.
China’s tech industry, as soon as pushed by high salaries, has been adjusting compensation methods amid slowing growth. Human assets specialists and several other ByteDance workers instructed the Put up that the improved medical insurance coverage advantages are far more sensible and valued than the present bins.
Keep up to date with the latest news within the finance markets! Our web site is your go-to source for cutting-edge finance news, market trends, insights, and updates on key assets. We offer day by day updates to make sure you have entry to the freshest data on commodity actions, industry efficiency, provide and demand shifts, and main market bulletins.
Discover how these trends are shaping the long run of world commodities! Go to us repeatedly for essentially the most participating and informative content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, commodity evaluation, and pivotal moments within the world of assets.
