India's formal job market faced a decline in November, attributed to festive celebrations. Preliminary data reveals a 5% drop in new subscribers to the Employees' Provident Fund (EPF) and a 10.5% decline in the Employees' State Insurance Corporation (ESIC), marking the lowest figures in nearly two years. In contrast, the National Pension Scheme (NPS) experienced a 52% rise in new subscriptions, largely driven by state governments. Overall, formal job additions have dwindled for the fourth consecutive month, highlighting economic challenges.
