In H2 2021, the nominal average wage per capita (SMPT) in the non-agricultural market branches increased sharply (+5.0% in Q3 then +0.6% in Q4), due to a decline in the use of short-time working, as since the start of the health crisis compensations for short-time working had largely replaced wages. The renewal of the extraordinary purchasing power bonus (PEPA) and the +2.2% increase in the minimum wage (SMIC) on 1st October helped to ensure that wages remained dynamic. This automatic increase and the net upturn in inflation were the main contributory factors to the rise in the basic monthly wage. All in all, by the end of the year the nominal SMPT had recovered its pre-health crisis trajectory. Thus on average in 2021, it rebounded significantly (+6.4% after –4.9%), whereas the purchasing power of the SMPT, eroded by the rise in prices, was a little less dynamic (+4.6% after –5.5%)...