Is My Layoff Package Fair According to the ID Act? Seeking Advice on Recent Retrenchment Experience

I was working in a US MNC in the distribution business, with more than 1,000 employees across India and over 100 employees in Mumbai. I was earning a salary in excess of Rs 1 Lakh per month. They gave me a letter laying me off and asked me not to come to the office from the next day. They informed me that they will pay me the notice period salary of 1 month and 15 days' salary for every year of service. They also mentioned that they will pay me only 12 days of leave encashment.

Please let me know if the above is valid as per the ID Act. They are laying off many employees like this.

I think that it's not valid as per the ID Act and as per the Maharashtra Shop & Establishments Act. Experts in this group can guide better.