New Delhi: India’s formal job market saw a decline in November, 2023 – the lowest figures in nearly two years for some funds and insurances – Economic Times has reported, citing Ministry of Statistics and Program Implementation data.This means fresh formal employment creation is undergoing a downturn.Preliminary data says there was a 5% drop in new subscribers to the Employees’ Provident Fund (EPF), to 736,015, and a 10.5% decline in the Employees’ State Insurance Corporation (ESIC), to 1.16 million, compared to October 2023.The November figures essay the sixth consecutive month of decline, besides being the lowest in two years.EPFO payroll data helps track employment creation in the formal sector because new employees must sign up for a provident fund under the EPFO. The National Statistical Office is among those government institutions which uses EPFO data to analyse employment trends in the country.Meanwhile, the National Pension Scheme (NPS) saw a 52% rise in new subscriptions. The report says that this was driven by state governments and Union government employees’ share has declined.Private NPS subscriptions are also at the lowest in nearly two years, the report says.While the number of jobs created in September had stood at 9,26, 934, the number had reduced to 7,72,084 in October, according to EPFO data.