Voluntary retirement scheme VRS is an agreement between the company and the employee, where the employee chooses to retire voluntarily. Employees must be above a certain age and must have completed a certain number of years in the company to opt for VRS. Voluntary retirement scheme benefits include tax* benefits on the compensation. Resignation Resignation is the voluntary act of leaving an organisation. Employees can resign at their discretion at any age, regardless of how long they have been with the company. Tax benefits are not available to the employee if they decide to resign.