Merrill Lynch Canada is asking employees to resign or take voluntary sabbaticals, as the brokerage giant takes measures to cut costs worldwide.

Monday, in an internal memo from Sue Cummings, head of Merrill HR, employees were invited to choose to leave the firm on a temporary or permanent basis. “We have no choice but to significantly reduce costs and resize some parts of our company in order to weather this environment and position ourselves for future growth when conditions improve. This will involve hard decisions at a time already difficult for all. Our objective is to give employees flexibility and be as sensitive as possible,” it said.

For the first time, Merrill is offering voluntary separation and sabbatical programs to employees worldwide. Although the offer does not apply to those paid on commission, or their direct support staff.

The so-called “voluntary separation program” includes a payment based on length of service and average total compensation earned over the last three years. It also includes a payment equal to 40% of this year’s bonus.

Employees with more than two years of service may request a sabbatical of six to 12 months. During the sabbatical, they will receive 20% of their salary and continuation of certain benefits coverage. There is no guarantee of a job at the end of the sabbatical period, but the firm pledges to work with employees to identify an appropriate position. Those on sabbatical can’t take other jobs while on leave, apart from at non-profit organizations.

Deadline to voluntarily walk the plank is November 8, and employees will be notified towards the end of November whether or not their formal requests for either of the programs will be accepted. Sabbaticals will begin January 1.