A lot of it is under the award / contract you've been employed under. Generally there's a set payment / year of service. If you're a union member, then contact your union for further info - if you're not a union member, then contact your union anyhows and get the info! Older workers in your workplace (eg more years there) should be able to assist as well.
In our workplace, the redundancy is capped after 27 years. Plus workers over a certain age are given an additional payment to assist in retraining /job search. Holiday & LSL may be paid out as well, but not sick leave.
For me they had to give 2 weeks notice (orpay for that 2 weeks) plus 2 weeks pay for every year of service plus any holiday leave/long service i had owing.
get in touch with your union, and don't agree to/sign anything before taking time to consider the offer.
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