UPS offers voluntary buyouts to delivery drivers for the first time in its history, as part of a major network reconfiguration that may cut 20,000 jobs.

United Parcel Service Inc. plans to offer voluntary buyouts to union-represented delivery drivers for the first time in the company’s history as part of an effort to boost profit by slimming down its operations.

The parcel giant said it will offer voluntary buyouts to its full-time drivers as part of the largest company restructuring in its history.