General Motors is set to offer voluntary buyouts to a majority of its 58,000 US white-collar employees, as the automaker aims to cut $2 billion in structural costs over the next two years.

The Voluntary Separation Program (VSP) will be offered to all US salaried employees who have worked for five or more years as of June 30. The buyout offer comes after the Detroit automaker announced last week that it would terminate about 500 salaried positions globally.

Eligible employees interested in the program must sign up by March 24, and those who elect to take a voluntary package and are approved will depart by June 30.

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