China has just seen the debut application of the digital renminbi to the smart management of employee payments.
The Suzhou branch of Bank of Communications (BOCOM) is working with human resource group Human Pool (汇思集团) on China’s first “digital renminbi smart salary management project.”
The system includes the online opening of digital renminbi accounts for employees, the automatic issuance of salaries in the digital renminbi, as well as related functions including withdrawal, social welfare inquiries and tax payments.
Human Pool said that the system will help to resolve the problems that the human resources sector faces when it comes to high employee turnover, lengthy salary issuance procedures, and sizeable related expenditures as a consequence.
“Employees can be issued with salaries once they open digital renminbi wallets with Bank of Communications, greatly reducing the need to gather employee information cards and other work,” said a Human Pool spokesperson.
“This greatly reduces enterprise management costs, and increases the satisfaction levels of employees. The digital renminbi smart contract function can also help enterprises to standardise the issuance and usage of welfare payments.”