CHICAGO, Feb 12: US automaker General Motors said on Tuesday it planned to offer voluntary buyouts to all 74,000 members of its union-represented US workforce, as it posted its biggest annual loss ever.

General Motors reported on Tuesday that it had lost a record $38.7 billion in 2007, mostly due to a writedown in accumulated tax credits in the third quarter that were expected to expire unused.

The employee buyouts would permit GM to make a further transformation of its workforce after years of painful reorganisation in the face of eroding market share, especially in North America.

The company said it was offering $140,000 to employees with more than 10 years of service and $70,000 to others.—AFP