(1) In lieu of providing notice of termination, the employer may opt to pay the employee a sum equal to the employees' wages and other remuneration and confer on the employee all other benefits up to the expiry of any period of notice.
(2) Where an employee terminates the contract of employment without notice in circumstances in which notice is required and the employer has not waived the right to notice, the employee is entitled to be paid such wages and other remuneration and to receive such other benefits which occurred at the date of termination and the employer is entitled to deduct a sum in lieu of notice.