In the lower-bound scenario (which assumes zero earnings for non-workers), some regulatory reforms (e.g. changes in unionisation and tax wedges) may have had an overall equalising effect. In the upper-bound scenario (which imputes “shadow” wages to non-workers), some reforms (e.g. changes in PMR and unemployment benefit replacement rates) may have had an overall disequalising effect. In both scenarios, changes in EPL had an overall disequalising effect. The rise in the supply of skilled workers considerably offset the increase in wage dispersion associated with technological progress, regulatory reforms and institutional changes.