‘Lai see’ packets await Hong Kong’s financial sector employees when they return to work in the Year of the Rat
- HSBC staff will receive lucky money of HK$500 each, which will be transferred electronically to their payroll accounts
- Employees of most other insurers and banks will get between HK$50 and HK$200
Most of Hong Kong’s banking and finance companies say they will give their staff lai see as a token of appreciation for their dedication and hard work even after business took a hit last year because of the economic slowdown and social unrest.
HSBC and Bank of China Hong Kong, the two of three note-issuing banks in the city, along with dozens of other financial firms will be handing out red paper packets or digitally transferring “lucky money” to their employees, which can range anywhere between HK$50 (US$6.4) and HK$500.
It is a tradition in Hong Kong for companies to give their staff lai see on their first day back at work after the extended Lunar New Year holiday. The upcoming Year of the Rat begins on January 25, but most employees will return on January 29 when they will be handed the festive red packets.
HSBC will be paying its nearly 20,000 staff HK$500 each, the highest among 10 banks and insurance companies, the South China Morning Post has found. The tradition will cost the city’s biggest bank some HK$10 million.
“We believe lai see is an appropriate channel to express our gratitude to staff for their hard work throughout the year,” Diana Cesar, head of HSBC’s Hong Kong office, said in an email to the bank’s employees.
HSBC, however, has done away with the traditional red packets and instead an electronic red packet of HK$500 will be deposited to the payroll account of each of the bank’s employees.