Layoff Compensation - what to do if employees are not accepting it?

Dear HR'S, I am in Telecom/ISP industry and as because of loss in business we are removing the staff's who were working with us for the past 1 year, Kindly suggest me do we have any policy for providing compensation for the staff's whom we are removing, As my management is ready to do that, But some staff's are agreeing and some are not accepting it. Kindly suggest what can be done here.

Dear Sekhar, Heading of your question is on "Lay Off" Compensation. Whereas in your question you are mentioning that "because of loss in business we are removing the staff's who were working with us for the past 1 year"
Please specify your question without ambiguity.Further, you have not mentioned about "Termination Clause" as per Appointment Letter, Amount of Compensation Offered etc
Whether Chapter VB of Industrial Disputes Act, 1947 is applicable to your establishment?

By your narration it appears that you want to severe employer-employee relationship. This action can be termed as retrenchment & not lay off. If you want them to be on your rolls & ask them to report for duties later, them it is lay-off. Please clarify what you want to do.
There is no need to have policy for lay-off & retrenchment, the ID Act has it in details unless you intend to compensate affected employees by paying wages / compensation at rate higher than specified in the Industrial Disputes Act, 1947.

Your case is not lay-off rather retrenchment. You can pay retrenchment compensation those who have completed contineous working of 240 days. You have to pay notice pay @30,60 &90 days considering upon the strength of workmen your industry. You have to retrench on the basis of last in first go.