Bloomberg is reporting that Merrill Lynch & Co. will offer its 65,900 employees a severance package that may be worth more than one year’s salary as executives accelerate cost-cutting efforts.

The report says that Merrill’s employees will receive a memo detailing the offer on Monday, according to a firm spokesman, Joseph Cohen.

Depending on years of service, the buyouts may exceed a year’s salary and employees taking buyouts will also get a significant portion of their bonus for 2000, Bloomberg says.

Employees will have between Monday and early November to accept the offer, said Cohen. If enough employees don’t self-select the buyout, there may be follow-on firings. The firm has already cut 6,100 jobs this year.