Toronto Hydro offered voluntary packages to more than 450 of its workers Thursday in a bid to save some $20 million.

The cuts would represent about 20 per cent of the workforce if all of the 460 workers accept the voluntary offer. The employees have until Feb. 24 to make a decision.

The offer does not affect the company's skilled trades workers, engineers, or those in management positions, a company spokeswoman said.

The company will wait to see how many accept the packages before it decides if any layoffs are needed.

Toronto Hydro is also looking to close two buildings.

"We have put this out to our employees with the hopes that we get some taken up," Hydro spokeswoman Tanya Bruckmueller told CP24. "The unfortunate problem is that we need to find some savings in our operating budget to the tune of $20 million and that means looking at reducing our workforce but also we are hoping to seek some efficiencies by consolidating our work centres."

CUPE Local One representative John Camilleri said the cuts would "cripple the city and utility's ability to provide reliable continuous service to residents and businesses of Toronto."

He blamed a January decision by the Ontario Energy Board which disallowed Toronto Hydro to increase rates by $5 a month.

The board said at the time that Toronto Hydro did not make a case that was under financial stress despite the fact that Hydro argues it needs $1.5 billion to repair aging infrastructure.