People who can hold down a steady income are expected to hand out cash gifts in the form of red envelopes over the Lunar New Year. But with the COVID-19 pandemic looming over this year’s holiday, not everyone is feeling confident about their finances.
Lunar New Year is around the corner! If you’re an adult with a steady income, that means you’ll be expected to give out cash gifts in the form of red envelopes. Most people assess their incomes before deciding how much to give out.
According to Taiwan's Yes123 job bank, this Lunar New Year, people have budgeted an average US$400 for red envelopes. That’s US$30 less than last year.
Yes123’s survey found that 86.2% of workers plan on giving out red envelopes. That might seem high, but it’s still a 2% drop from 2021.
A representative from Yes123 says that the COVID-19 pandemic has given people “income anxiety.” He says that workers are worried that they’ll have to take pay cuts or even be furloughed at any time due to COVID-19.
With no end to the pandemic in sight, workers are concerned about their income prospects. Eighty percent of people say their expenses are increasing; 70% say that they haven’t received raises; just under half say they’re worried their bonuses will be getting cut; almost one in four say that they're worried they’ll get laid off; and one in six people say they’re worried their pay will get cut or that they’ll get furloughed.
With workers across Taiwan feeling the pinch, this year’s festive cash gifts are set to be more meager than most.