Union Cabinet Tuesday approved an enhanced voluntary retirement scheme (VRS) package for the employees of Hindustan Vegetable Oils Corporation (HVOC) based on the 2007 national pay scales.
The Government assistance to the company will be in the form of a non-plan grant of approximately Rs 27.56 crore. HVOC is a Central Public Sector Enterprise (CPSE) under the Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution, an official statement said after the Cabinet Committee on Economic Affairs (CCEA) meeting chaired by Prime Minister Narendra Modi.
HVOC employees have been adversely impacted after the company turned sick. Their salaries were based on 1992 pay scales.
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