It is very important in many real life systems to decide when the server should go for a vacation and what type of vacation policy to be adopted for a better performance of the system. In this paper, an M/G/1 retrial queue, where the customer being informed of the system state is permitted to balk, is considered. This system is studied under various vacation polices such as single vacation with exhaustive service, 1¬-limited service, Bernoulli Scheme and modified Bernoulli Scheme. The system under multiple Bernoulli vacation policy is also discussed. The performance measures P_0, the probability of the system being empty, P_EO, the probability of the orbit being empty, L_s, the mean number of customers in the system and server utilization are found and some interesting results are... derived. Stochastic decomposition law is established when there is no balking permitted. Extensive numerical analysis has been carried out to exhibit the effect of the system parameters and compared for the various vacation schedules on the performance measures.