The UK Treasury is offering its employees up to £100,000 ($136,790) for voluntary redundancy as part of a plan to cut hundreds of jobs, the Financial Times reported on Monday.
Treasury Secretary Rachel Reeves intends to reduce Treasury staff by about 300 employees from the current level of about 2,100 by 2030, according to people familiar with the plan.
The cuts are part of a broader initiative to reduce administrative costs across Whitehall by 16%.
The Ministry of Finance may have to resort to forced layoffs if an insufficient number of employees accept the offer of voluntary retirement in offices in London, Darlington, Norwich and Edinburgh.
"The Treasury is now the largest in the history of observations, therefore, during this period of stability, it is right to reduce our size to a more normal level through a voluntary exit scheme, in accordance with the policy of the entire government," representatives of the Ministry of Finance told the FT.