diff --git a/Cargo.toml b/Cargo.toml
index 11efa85..b4150fb 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -13,7 +13,7 @@ targets = ["x86_64-unknown-linux-gnu"]
 
 [dependencies]
 serde = { version = "1.0.101", optional = true }
-codec = { package = "parity-scale-codec", version = "1.3.1", default-features = false, features = ["derive"] }
+codec = { package = "parity-scale-codec", version = "1.3.4", default-features = false, features = ["derive"] }
 sp-core = { version = "2.0.0-rc5", default-features = false, path = "../../primitives/core" }
 sp-std = { version = "2.0.0-rc5", default-features = false, path = "../../primitives/std" }
 sp-io = { version = "2.0.0-rc5", default-features = false, path = "../../primitives/io" }
diff --git a/benchmarking/Cargo.toml b/benchmarking/Cargo.toml
index 356bfad..e784ff1 100644
--- a/benchmarking/Cargo.toml
+++ b/benchmarking/Cargo.toml
@@ -24,7 +24,7 @@ rand = { version = "0.7.2", default-features = false }
 
 [dev-dependencies]
 serde = { version = "1.0.101" }
-codec = { package = "parity-scale-codec", version = "1.3.1", features = ["derive"] }
+codec = { package = "parity-scale-codec", version = "1.3.4", features = ["derive"] }
 sp-core = { version = "2.0.0-rc5", path = "../../../primitives/core" }
 pallet-staking-reward-curve = { version = "2.0.0-rc5", path = "../../staking/reward-curve" }
 sp-io ={ version = "2.0.0-rc5", path = "../../../primitives/io" }