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If you are dismissed then you are entitled to receive reasonable notice or pay in lieu of notice.
Generally, in determining what is reasonable notice Courts look at several factors including the length of time you worked for the employer, your age, your position, the likelihood of finding new employment etc.
At the high end, if you were in a managerial position, the Court would likely order one month's notice or pay in lieu of notice for each year of employment. If you were not in a managerial position the Court would order somewhat less.
You cannot force the employer to keep you on and they cannot force you to sign.
You can try modifying the contract but I don't see why they would accept that.
If you do sign the contract you will later regret it from what you are saying so you cannot sign it as it stands.
If they won't negotiate at the end of the day you may have to sue them unfortunately.