(1) The Minister may, by regulations made under this Act, provide for the entitlement of employees to, and for the payment by employers of-
(a) termination benefits;
(b) lay-off benefits;
(c) retirement benefits.
(2) Without prejudice to the generality of subsection (1), regulations made by virtue of subsection (1) may provide-
(a) for the definition of the expression "termination benefits", "lay-off benefits", or "retirement benefits", as the case may be, and for the circumstances in which the same shall be payable;
(b) for the application thereof to employees who were in employment under a contract of service immediately before the commencement of such regulations and who continue in such employment after the commencement thereof;
(c) for the application thereof to all employees generally or to any particular class, category or description of employees;
(d) for the exclusion from the application thereof of any particular employee or employees, or any class, category or description of employees;
(e) for the payment of different rates or amounts of termination benefits, lay-off benefits, or retirement benefits, as the case may be, to different classes, categories or descriptions of employees.