Have I interpreted the notice period clause correctly?

I know the notice period is 4 weeks, but there’s a section in the contract which reads like I can resign without the given notice period however the pay out would be affected( which is understandable). Policy excerpt below:

Termination
You may terminate your employment by giving the Company one month’s notice. The Company may terminate your employment by giving you one month’s notice. If you are over 45 years of age and have more than two years continuous service, the Company wil provide you with five weeks’ notice.

Termination with notice
After successful completion of your probationary period (if applicable), either party may terminate your employment by giving the other partythe required period of notice, or in the case of theCompany, by making payment in lieu of providing part or all of the required period ofnotice.

In the event that you do not provide the required notice, the Company may deduct from your final termination payment an amount equivalent to the amount that would have been payable to you in respect of the required period of notice less any period of notice actually given by you.

E.g. I resign on the 10th and say the 24th( 2 weeks later) will be my last day. The notice period is 4 weeks. So instead of being paid for 4 weeks I’ll only be paid 4 weeks minus the notice period I gave(2 weeks), I.e I’ll get paid for 2 weeks? I’m assuming the notice period is 4 weeks since we are paid monthly.

Is my understanding right?

TLDR: notice period is 4 weeks but I want to get out asap, don’t mind 1-2 weeks.

EDIT: location is Australia



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