"voluntary separation" might as well be lay-offs, because if they didn't get enough volunteers they would have laid people off without giving them a package.
I volunteered for a lay-off when they merged Aol and yahoo because I had recruiters breathing down my neck offering me big raises to leave anyway. I got enough in the severance and signing bonuses to pay off a new car and pay for most of my wife’s masters degree.
One of my major career regrets was leaving a job about 6 months before they offered voluntary layoffs with generous severance. I was already grumpy with the job. If only I held my nose and stuck around those six months, I would have been first in line for the package!