General Motors Offers 'Voluntary Separation' to Salaried Workers in the U.S.

General Motors is trying to cut $2 billion in costs within the next couple of years, so the company is now offering buyouts to most of its salaried employees in the United States. The carmaker’s CEO, Mary Barra, sent a memo to U.S. employees on Thursday calling the buyouts “voluntary severance packages,” as Automotive News reports.

In case you missed it:

• Wild Video Shows Thieves Stealing Six Challenger Hellcats From Dealership in 40 Seconds

• The Worst Cars From the Year You Were Born

• These Are the Driving Tips You’d Give Your 16-Year-Old Self

The buyouts are being offered to salaried workers in the U.S. who’ve been with the company for five years or more, as well as to global executives with two or more years at the company. Workers will have until March 24 to think it over, and those who take the buyout will have until June 30 to leave the company, per Auto News.

Read more

• These Are Your Guilty Pleasure Cars

• The 15 Most Successful Formula 1 Cars of All Time

• These Cars Should Never Have Been Killed Off

If salaried workers in the U.S. opt to take GM up on the offer, they will receive one month’s pay for each year they’ve worked at the company. The buyout will be capped at 12 months, however, and it includes COBRA health insurance as well as a prorated bonus based on performance. The severance packages will include all of the above and other incentives for nonexecutives, while executives will be eligible for their base salary, undisclosed incentives or bonuses, and COBRA insurance.