Volkswagen is axing 30,000 jobs.
Most will be in Germany but jobs will also go in the United States, Brazil and Argentina.
Unions have agreed the packages to be offered to staff in a bid to prevent enforced redundancies as a result of the massive fines and penalties the VW Group must pay around the world for its diesel emissions falsifications.
The jobs will go over the next decade but even that will leave the German car maker lagging behind rivals in projected profitability and operating margin.
Money will be invested to raise efficiency in German plants to compete with rivals while introducing new models which will require fewer workers.