I think most of the employees would leave. Who would stay here if it was offered? Hardly anyone.
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but there are people who may be 4-6-8 months away from already making the decision to retire (but just haven't announced yet) & a voluntary option could just push them to take action a bit faster. Offering some form of voluntary, even if only a few slots, would be a wise decision overall.
Probably will happen in round 2 if downturn persist after cutting those who are not required
People with families here and people on Visa will stay.