In Q4 2025, the basic monthly wage (SMB) in the non-agricultural market sectors rose by 0.3% over the quarter, after increases of 0.4% in Q2 and Q3. Year on year, SMB growth continued to slow gradually in nominal terms (+1.7% in Q4 2025, after +2.2%, +2.1% and +2.0% in the first three quarters respectively), in the wake of the fall in inflation. In addition, the year-on-year change in the SMB in Q4 2025 was temporarily hampered by the timing of the increase in the minimum wage in 2024 (the increase scheduled for 1^st January 2025 having been brought forward to 1^st November 2024)...