In Chinese and other East Asian societies, a red envelope, red packet, lai see (Cantonese), âng-pau (Hokkien) or hóngbāo (Mandarin) is a monetary gift which is given during holidays or special occasions such as weddings, graduation or the birth of a baby.

Billions of red envelopes with cash are given out from older to younger, from bosses to employees, and from leaders to underlings. It is a special New Year’s bonus.

Source: https://en.wikipedia.org/wiki/Red_envelope, https://www.chinahighlights.com/travelguide/festivals/new-year-facts.htm