The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given 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 assistance will be in the form of non-plan grant of approximately ₹ 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.

Voluntary Retirement Scheme approved: government grant to support improved pay-scale based retirement package for affected CPSE employees. Approval was granted for an improved Voluntary Retirement Scheme for employees of Hindustan Vegetable Oils Corporation, with government support provided as a non plan grant to finance a VRS package based on 2007 notional pay scales to replace 1992 pay scales and assist employees affected by the company's sickness.