United Parcel Service is offering buyouts to delivery drivers for the first time in its 117-year history. The company is seeking cost savings because of stagnant parcel volumes, rising labor costs and a long slump in the company’s stock price.

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

Drivers would receive “a generous financial package if they choose to leave UPS,” in addition to any earned retirement benefits, including pension and health care, the company said in a statement on Thursday.