German automaker BMW has offered some employees who agree to leave their jobs voluntarily a financial payment of up to €650,000 (approximately US$730,000). The German business newspaper Handelsblatt reported the news, citing a confidential copy of the agreement.

The company plans to cut approximately 8,000 jobs by the end of 2027. The voluntary departure offer has reportedly attracted considerable interest among employees.

Under the terms of the agreement, employees may leave their jobs by March 31 or October 31, 2027. Those who agree to leave earlier are offered more favourable terms. The exact amount of compensation is determined individually for each employee.

Employees can choose to receive their compensation as a lump-sum payment or transfer it to their pension account. Some employees may also retain certain benefits, including the opportunity to purchase new and used BMW vehicles at discounted prices.

The initiative is aimed at reducing the workforce on a voluntary basis and optimising the company's costs.