In Q1 2024, the average wage per capita (SMPT) in the non-agricultural market branches increased by 0.9%, a similar pace to that at the end of 2023. Meanwhile, the basic monthly wage (SMB) accelerated (+1.1%, after +0.5% at the end of 2023), driven by the automatic increase in the minimum wage on 1st January 2024 (+1.1%) and the implementation of several branch and company agreements, especially in industry. The fact that the SMPT is less dynamic than the SMB is mainly due to the drop in value-sharing bonus payouts (PPV1), as this scheme has lost some of its tax and social advantages since January 2024 (subject to corporate social contributions and income tax for some beneficiaries); thus employers paid out less than €0.5 billion in PPV in Q1 2024, compared with €2.6 billion in the previous quarter and €1.2 billion one year earlier. Year-on-year, increases in the SMPT have gradually become slightly greater than increases in prices, with the result that the real SMPT increased at the beginning of 2024 (+0.3%, after -0.6% in Q4 2023)...