Earlier, Jennifer also asked about almost the same topics. The company may use its own method of calculation of VSS but for workers covered by the Employment Act, the company should not pay less than what are stated in Employment (Terrnination and Layoff Benefits)Regulations 1980.
You can read about the Regulations at http://www.pesaraonline.net/terminationbenefits.htm
KL Siew has put up a sister site by the name of mylabourlaw.net, which is in effect a more user-friendly version of the present popular pesaraonline.net. The site is in the process of being fine-tuned but it is fully functional. You are invited to visit the website at http://www.mylabourlaw.net and give your views or suggestions. Queries can be posted and be responded from there as usual.