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Pros: No need to clock in, so you can arrive at the office later.
Cons: There is no overtime pay, and when projects are rushed, you will be busy until midnight or even the next day. The rules for business-trip expenses, accommodation, and so on are entirely up to the company; new regulations are implemented immediately upon announcement. In previous years, the year-end bonus was always paid after the Lunar New Year, seemingly to retain employees. Only suitable as a place for newcomers to gain experience.