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I am sorry to hear this.
If you are dismissed you are entitled to termination pay and if you like I can explain how that works.
If you retire you are not entitled to termination pay.
It sounds like they are saying you are being dismissed and they will pay you the same amount either way but you certainly should be getting that in writing before you decide to accept or reject any offer.Do you see what I mean?
They said the same package would be offered either way. I would hope so.
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 are very welcome.
I hope this works out for you.