DETROIT – More than 125,000 hourly workers of General Motors Corp. and auto supplier Delphi Corp. are being offered buyouts or early retirement to help cut hefty labor costs, but industry analysts warned the plan unveiled Wednesday may not be enough to restore the companies’ financial health or avoid a paralyzing strike.

Under the program, about 113,000 GM workers will be eligible for early-retirement incentives or buyouts of between $35,000 and $140,000 depending on their years of service and whether they want to keep health care and other benefits. At Delphi, GM’s former parts division and largest supplier, 13,000 U.S. hourly workers will be eligible for a lump sum payment of $35,000 to retire. Also, up to 5,000 Delphi workers will be eligible to return to GM.

The deal comes at a critical time for GM, which increased by $2 billion its reported 2005 loss to $10.6 billion last week. The world’s largest automaker has been losing U.S. market share to Asian automakers and is saddled with labor agreements that make it difficult to close plants or cut workers. The plan also is crucial for Delphi, the largest U.S. auto parts supplier, which is reorganizing in bankruptcy court after filing for Chapter 11 protection in October.

The companies made no predictions of how many employees might accept the offers or how much they would save in operating costs. GM has a goal of cutting 30,000 hourly jobs by 2008.

Under the plan, GM would pay for the Delphi early-retirement incentives and assume some post-retirement benefits for Delphi employees who go back to work for GM. GM spokesman Dan Flores said GM didn’t yet know the full cost of the plans, since it’s unclear how many workers will participate.

Several analysts questioned how much GM and Delphi will save. Most workers that retire will get full benefits, which doesn’t relieve GM’s sizable pension obligations, Goldman Sachs analyst Robert Barry said in a note to investors. Barry added that savings gained from the retirement of younger workers will be offset by GM’s assumption of Delphi retiree benefits.

Analysts said it’s also unclear what will happen to the bulk of Delphi’s 34,000 hourly workers. Delphi remains in negotiations with GM and its unions to lower its labor costs, which it puts at $75 an hour in wages and benefits.