'Market rate' for hongbaos in 2016 according to your income

'Market rate' for hongbaos in 2016 according to your income

SINGAPORE - Chinese New Year is probably the busiest time of the year for Chinese families in Singapore.

Aside from spring cleaning, visiting relatives and buying new clothes, it is also the time of the year when most couples have to decide on how much money to put in red packets for their parents, cousins' children and single relatives they have no recollection of ever meeting before.

With the year of the monkey just two weeks away, many Singaporeans have started to do their homework online. A 2016 guide to 'market rates' for red packets or hongbaos posted by shipping concierge firm 65daigou has been shared close to 2,200 times on Facebook since Jan 22.

According to the infographic, middle-income earners are expected to give a minimum of $8 to people they are not close to, while the rate for nephews and nieces is estimated to be between $10 to $28. Parents of middle-income earners should receive between $48 to $188 this year, while those in the high-income group are expected to give their parents between $188 and $488.

A guide to hongbao rates and auspicious Li Chun times for 2016

The guide also suggests that husbands show their wives some appreciation with about $2,000 in the low-income group, $5,000 in the middle-income group and $10,000 for  wives in high-income households.

Earlier on Jan 9, 65daigou posted a guide on auspicious times for people of different zodiac signs to bank in money on Li Chun, which falls on Feb 4 this year.

Li Chun marks the beginning of spring for the Chinese, and many people get dressed in red and go to the bank to deposit money in their own accounts as they believe this will help them accumulate wealth in the new year.

It appears many Singaporeans still carry out this tradition as the post has garnered over 11,280 shares since Jan 9.


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