A voluntary layoff program at Petrobras has been accepted by 6,100 employees, a source with direct knowledge of the matter told Reuters.

The number may rise by month-end, the deadline for the plan proposed. Around 12,000 employees, or 21% of its workforce, are eligible.

If all eligible employees accepted the voluntary layoff program, Petrobras would face an immediate cost of 4.4 billion reais (US $1.3 billion) but save 33 billion reais in salaries over the next four years, the company said upon announcing the plan.