(a) Workers shall be entitled to severance pay. Severance pay is compensation for workers who have been laid off from their jobs for at least thirty (30) days, either on a temporary or permanent basis:
(1) Severance pay shall be one (1) week's pay for each year a worker is employed, whether temporary or permanent, calculated at the worker's rate of pay at the time of severance.
(2) Severance pay shall be made available in lump sum payment, and shall not be considered in lieu of unemployment or workers' compensation administration benefits. Unemployment and workers' compensation administration benefits shall be provided upon appropriate application for benefits, and workers shall not be required to exhaust their severance pay in order to receive these benefits.
(3) Employers, public or private, are prohibited from requiring any waiver of benefits as a condition of employment, or in derogation of any labor law of the Virgin Islands and other applicable laws.
(4) Failure to comply with subsection (a) shall be a violation of the statute and subject the offending entity to civil and criminal penalties. Penalties for non-compliance shall be instituted as follows:
(b) Each casino licensee shall provide an employee pension benefit plan for its employees as provided under 29 U.S.C.A 1001 et seq. The commission shall establish by rules and regulations, licensee reporting requirements and civil penalties for failure to provide the pension plan as provided under the provisions of this subsection.