As China enters the Year of the Horse, many companies are cutting back on year-end bonuses. A growing number of employees may not receive any bonuses at all. Some firms have even banned staff from talking about bonus details publicly. This quiet approach highlights a big change from earlier years when lavish bonuses and gifts were common during the tech and real estate booms. Data from a January 2026 report by Randstad, a global human consulting firm, shows 26% of workers expect no year-end bonus for 2025. Nearly half of those receiving bonuses will get the equivalent of only one to two months’ salary. A Randstad spokesperson stated that even companies expecting growth plan only limited staff increases. "Only a few business units are planning very limited headcount increases, while the vast majority of departments have frozen hiring," they added. The shift signals tighter company spending and a more cautious workplace outlook across China.