Now, if your position involves managerial powers, you can not demand any separation pay as a matter of right.
One thing more I would like to share is that every decision will involve an element of risk. This risk can be in the form of challenges that you face in the new job, the financial security in the new firm, or even job security. And your decision to leave the previous company and take up this present job also had a risk and it is nothing but job security. Whenever we change a job we will demand for a heavy hike in remuneration and it is just to cease the risk that we are demanding high increase in the salary. At the same time, imagine that you are working in a private sector company and you get an offer from a public sector organisation where the salary is lesser than the present one, you will take up the new job just because in the new job you feel that there would be financial security and job security and the risk of losing the job is very less.
From India, Kannur