New Delhi: Government today allowed EPF withdrawal for House, Education and Medical emergencies bringing relief to lakhs of employees. The Labour Ministry assured that restrictions on withdrawals will be eased in a phased manner with withdrawals for purchasing iPhones to be introduced in the next phase.
The decision brought a huge cheer among the jobless as well as those in the startup sector, who saw the withdrawal as means to tide over their financial crunch.
“I don’t even know how much I have in the EPF account. In fact just yesterday I came to know the difference between EPF and PPF. But I am happy with the Govt’s decision, now I can finally purchase an iPhone,” said Sumit Sarkar, an IT engineer who quit his high paying job to start his own venture.
“PM has always maintained that majority of the country’s population is below the age group of 35 and for them iPhone would anyday have higher priority than House, Education and Medical Emergency. That is why we have decided to ease restriction on it,” explained a source from the government.
Meanwhile, shares of Apple zoomed up by 10% after news of easing of restrictions was reported in the media with many shareholders heaving a collective sigh of relief after sales nosedived in the previous quarter.