Exceptional review of ICHT and BT / TP indexes in January 2021

Given the extent of the revisions of these data entering into the calculation of the hourly labor cost index "All employees" (ICHT), this index will also be exceptionally revised during the next publication scheduled for January 8, 2021 and relating to in the third quarter of 2020: the indices for the months of April to June 2020 will be affected. Consequently, the BT and TP index series in building and public works are also likely to be revised on the occasion of their next publication in mid-January.

Only the ICHT and the BT / TP indexes are affected by the exceptional revisions

These exceptional revisions only concern the ICHT and the BT / TP indexes. For the other indices usually used for indexing purposes (producer price indices, benchmark rental index, commercial rental indices, rental indices for tertiary activities), INSEE has ensured that their quality n had not been affected by the health crisis. The response rates of companies to the surveys used to calculate them have remained at sufficiently high levels, and precautions have been taken to prevent a possible higher non-response among the companies most severely affected by the lockdown from being source of bias on indices.

The indexation rule is at the discretion of the contractors

In any case, the choice of an index for the purposes of indexing a contract remains the responsibility of the contractors. Given the very specific operating conditions of the economy during the health crisis and the great diversity of companies' situations in the face of this crisis, it is possible that the index initially used for the purposes of indexing the contract reflects less faithfully the cost variations suffered by contractors in certain cases. The advisability of temporarily deviating from the indexation rule provided for in a contract is at the discretion of the contractors.

The already revised labor cost index (ICT)

The revisions of the ICT for the second quarter of 2020, of exceptional magnitude, are mainly linked to the fact that, during the health and economic crisis, the declarations of companies on the payroll paid and the hours paid for were severely disrupted. The revisions are more particularly marked in certain sectors such as accommodation and food services.