The company said it was prepared to make individual buyout offers of up to $140,000 (£74,100).
United Auto Workers (UAW) official Chris Kimmons said Ford would be offering his members a number of deals depending on their years of service and retirement eligibility.
"I think it's a good package," he said.
"I think they worked real hard on it. They've got to do something to help Ford out of this crisis."
In July, Ford hired an independent adviser to carry out a strategic review of the business in an effort to return to profitability.