a. Employee's insurance benefits: Usually the medical insurance benefits ends on the last date of the month that they are being laid off.
For example, if your last day of work is on 1st February, then your medical insurance benefits will end on 28th February. If you want to continue with your insurance benefits, you need to check this out with the insurance regulating company and take the necessary actions as suggested by them.
b. Employee's retirement benefits: The employee stops gaining the retirement benefits once he has been laid off.
For example, the amount collected in the Employer’s Provident Fund can be withdrawn or transferred as per the employee’s choice. For this he needs to inform his company on the same and let them know what he will prefer to do with the EPF amount, he want a lump sum cash or wants to get it transferred. If you are approaching the retirement age you can talk to the regulating company for your retirement benefits and you could avail them within a period of 120 days.   _{Your Comment}