Categories: Market Overview

Russia’s Pension Fund Eyes Blockchain to Prevent Labor Abuse

Russia’s FIU pension fund will use blockchain technology to integrate all of its information into a distributed registry and will prepare proposals to integrate all systems into a single platform, according to Izvestia. The fund believes it will cut costs for servicing and storing significant amounts of data. The technology will also provide more transparency to labor relations agreements and help protect workers from having their rights violated by negligent employers, which experts have cited as a pervasive problem.

The FIU currently houses employers’ data about insurance premiums and tax deductions on centralized servers. Once the distributed ledger technology is in place, all information will be stored on distributed databases. Users will be able to record all agreements on the distributed ledger, and it will not be possible to edit the information retroactively. Dmitry Medvedev, a government chairman, said in June that the digital labor books will consolidate labor relations work electronically from 2020. FIU said the use of smart contracts in labor relations will prevent compulsory exclusion in paper form. Blockchain technology, the FIU noted, will enable information to be distributed concerning employment contracts between employers and certifying centers. This will protect citizens from illegal employment contracts as well as save the cost of servicing and storing large amounts of data.

Alexander Shcherbakov, a professor in the Russian Academy of Science and Technology’s Institute for Public Administration and Management’s department of labor and social policy, said labor violations are widespread among small- and medium-sized enterprises in Russia. New technology will enable such situations to be monitored. Employers often violate employee rights as soon as employees apply for a job, through to when they are dismissed, Shcherbakov said. More than 465,000 appeals were filed in the past year from citizens concerning labor violations, according to Rostrud.

Russia’s Pension Fund Eyes Blockchain to Prevent Labor Abuse, Reuters, Aug 30
The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team
Tags: aud

Recent Posts

Video: Dollar and Indices are trying to find footing after the fall

The dollar experienced a sell-off but rallied back up by the end of the week.…

2 days ago

What is next: BoJ, Fed, SNB & BoE Rates

The new week will be packed with economic data and decisions from key central banks.…

2 days ago

Dollar attempts to rebound after oversold conditions

Despite economic factors working against the dollar, its oversold condition helped it this week or…

2 days ago

USDCAD Wave Analysis – 14 March 2025

USDCAD: ⬇️ Sell - USDCAD reversed from key resistance level 1.4500 - Likely to fall…

3 days ago

Solana Wave Analysis – 14 March 2025

Solana: ⬆️ Buy - Solana reversed from the long-term support level 113.75 - Likely to…

3 days ago

Adobe Wave Analysis – 13 March 2025

Adobe: ⬇️ Sell - Adobe broke round support level 400.00 - Likely to fall to…

3 days ago

This website uses cookies