In hopes of hiring replacement workers at a lower cost, General Motors will offer 74,000 hourly United Auto Workers union members in its U.S. facilities the option of retiring early or taking a buyout plan.

The move comes on the heels of a January program offered to 5,200 workers at service parts and operations facilities and contains better terms than those offered to UAW members in 2006.

In the coming weeks the buyout offer will be presented to workers who will have 45 days to accept or reject the package and an additional seven days to then reconsider their decision.

In separate news, General Motors posted an adjusted net loss for 2007 of $23 million compared to the 2006 adjusted net gain of $2.2 billion. Add this to the $38.7 billion loss on tax asset calculations and the overall net loss for the company reached a record-setting $38.7 billion.

In a statement issued to the press the company said, "GM's worldwide vehicle sales increased 3 percent, or 277,000 units, to 9.4 million vehicles in 2007, marking the second best year in units sold in the company's 100-year history. For the third consecutive year, a majority of the company's sales -- almost 60 percent -- were outside of the U.S."