We discuss the main content of the first national labour contract signed by trade unions and employers associations after the national agreement on productivity signed in Italy in November 2012. It is clear the effect of that agreement: trade unions, with the exception of the largest metalworking trade union organization - FIOM, affiliated at CGIL - , and employers associations bargained on wages, transferring part of wage increased from national level to firm level to take advantage of the eventual fiscal benefit (reductions of payroll taxes and tax rate on wages) announced by the Government. The transferred part should be "variable wage" depending on firm economic performance, that is pay for performance, but practically is a guarantee increase. Then our interpretation is that this national contract is a "cosmetic" contract on wages, and lower the role of national level bargaining in favour of firm level bargaining. In addition, the negotiation shows again the limits of the Italian system of industrial relations regulations, which allow the exclusion of the largest trade unions organization form the bargaining activities.