Ford Motor Co. is set to offer another round of buyout and retirement plans for its hourly workers with most packages including the option of a $25,000 car voucher or $20,000 cash, a labor union has reported.

It marks the fourth buyout offer since Ford announced its "Way Forward" plan in 2006 as it continues to reduce its 42,000 hourly work force. Under financial stress from declining vehicle sales, the company is trying to reduce costs and remain solvent without tapping a government bridge loan.

The buyouts are in conjunction with labor agreement concessions negotiated this week between the company and the United Auto Workers.

As in the past, the buyout packages offered will differ between those who are retirement eligible and those without the combined years of service and age to reach retirement status.

Retirement eligible production workers would receive a $20,000 payment, while retirement eligible skilled trade workers would receive $40,000, plus both would get all retirement benefits as stated in the labor agreement.

Although the new offers are well below cash incentives provided in previous packages -- one that was offered as recently as October -- buyouts for those in both categories include either a $25,000 voucher toward the purchase of a Ford vehicle or a $20,000 cash payment, according to the union.

The buyout package for those without the age and years of service requirements -- but who have one year of seniority -- would include $50,000 and basic medical coverage for six months with no recall rights.

An education buyout package also is available. The package includes two years education assistance of up to $15,000 per year, a two-year stipend of 50 percent of their annual base wages, and two years of medical coverage, including dental and vision. No car voucher or cash payment in lieu of the voucher is included in that plan.

Workers can accept the buy-out packages from April 1 through May 22.

The buyouts are being made as Ford executives agree to a 30 percent salary cut and the UAW leadership approve concessions to the 2007 Ford labor agreement. The concessions must be ratified by a majority of Ford's hourly workers by March 9.

Ford spokesman Angie Kozleski said Wednesday the company is not commenting on either the buyouts or the tentative agreement until the ratification process is complete.