TAIPEI (Taiwan News) — A few leading financial services companies in Taiwan have decided to call off their year-end banquets (尾牙) amid fears over the continuing spread of COVID-19 around the world.

Following Taiwanese tech company Compal Electronics' decision to scrap its year-end party last week, Cathay Financial Holdings and Mega International Commercial Bank also confirmed their intention to cancel this year's celebration. Other financial giants, including Fubon, Taishin, and Shin Kong, have yet to decide whether to follow suit but said they are looking at alternative options.

David Ting (丁原偉), general manager of FDC International Hotels, said on Monday (Nov. 9) that he is expecting a 25-percent decrease in year-end banquet sales due to the pandemic. However, he said most small- and medium-sized corporations have not changed their minds so far on holding the significant company event in January, reported Liberty Times.

Meanwhile, Leofoo Tourism Group noted that many companies have inquired about downsizing their year-end bashes. Le Meridien Taipei also said most businesses remain on the fence about canceling banquets and that it plans to confirm their orders much later than in previous years, reported New Talk.

Year-end banquets are traditionally held ahead of the Lunar New Year as a way for companies to show their appreciation for their employees. They are known to feature prize drawings, customary cash bonuses, as well as live performances by Taiwanese pop stars.