The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi on Wednesday gave its approval to the proposal for offering an improved Voluntary Retirement Scheme (VRS) package based on 2007 notional pay scales for the employees of Hindustan Vegetable Oils Corporation (HVOC).
The government's assistance would be in the form of non-plan grant of approximately Rs.27.56 crore to the company.
HVOC is a Central Public Sector Enterprise (CPSE) under the Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution.
The employees of HVOC have been adversely impacted due to sickness of the company.
They are in very old pay scales of 1992. The improved VRS package will give fair amounts of compensation to the employees and help them in their post retirement rehabilitation.