I am looking to better understand 1 specific aspect of Severance pay as I am currently at a company that has a risk of major layoffs in the near future. Regardless of the severance amount, it is common that some employers will offer a lump sum payment, or they give notice and they have the person still working there for X number of months. There is a third option, to negotiate installment payments (which might help when tax returns come along).

As an employee, if a company terminates my role, am i forced to take whichever option the company chooses? For example, I would rather take 18 months' pay in a lump sum now vs working for another 4 months and then only taking 14 months' pay.

What I'm getting at. Its not an ideal situation to be laid off but then the employer still wants you to come to work for 4 months and finish up all your projects, or help to train your replacement for 4 months. I'd much rather take the full payment and leave immediately.

Does an employee have a right to choose or refuse 1 option or the other?
Thanks!