Ready to pay a price for the New Year
By Jeff Pan (Chinadaily.com.cn)Updated: 2007-02-19 16:29
A recent survey by Chinahr.com shows that about 60% of white collars in China have prepared one to two months of their salary for the spending during the Spring Festival.
The usual expenses include trips back home and to the work place, presents to family members, the red envelopes to the younger generation, and etc.
57.4% of the people who take part in the poll plan to spend one to two months of their salary. 35.06% "do not have a budget, and will spend according to the situation." Only less than ten percent say they will spend more than three months of the salary.
 Hongbao, or red envelopes, which symbolizes luck and wealth, are symbolically handed out to younger generations by their parents, grandparents, relatives, close neighbors and friends, and usually the immediate family gives Hongbao to the children on New Year's Eve. [Newsphoto]  |
60% of the people surveyed make 20,000 to 60,000 yuan (circa US$2583-7751) every year, and the monthly salary is between 2,000 to 5,000 yuan (circa US$258-646). It can be roughly deducted that a lot of white collars will probably spend 3,000 to 5,000 yuan (circa US$258-388) during the largest festival in the nation.
HR experts say the budget of 1/12 to 1/6 of the annual salary for the Chinese New Year is very high. The irrational expense could lead to many negative influences.
"The Spring Festival is one of the few chances for the white collars to show their love to the family. It's not necessarily a good way to spend more money, but people won't spare money in this occasion," said Tao Li, a white collar who has been working overtime on the first two days of the New Year, and flies back today to join the family.
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