I have been offered a Voluntary Separation Scheme (VSS) by my employer. What does VSS mean and how much compensation should I receive?

Voluntary Separation Scheme (VSS) means the employer intends to reduce the number of employees but by encouraging employees to quit voluntarily. In general, employees will be offered better termination benefits or compensation than required under provisions of the law. However, the decision to accept the voluntary termination rests on the employer.