In 2022, almost 5 million employees in non-agricultural market branches received a value sharing bonus (PPV), for an average of €806 per beneficiary. The PPV was set up on 1st July, replacing the extraordinary purchasing power bonus (PEPA). It was limited to a €3,000 bonus per calendar year and per employee (€6,000 in the case of a profit-sharing agreement and participation), and was exempt from social contributions and tax. PPV payouts were particularly high in December, contributing to the acceleration in wages at year’s end. However, while the use of this bonus cannot, in theory, replace wage revisions or other bonuses provided for by a wage agreement or in the employment contract, the sluggishness of basic wages in Q4 suggests the generation of windfall effects: without the PPV scheme, employers would undoubtedly have paid out at least some of the bonus amounts to their employees –estimated at first analysis at around 30%– albeit in a different form...