NEW YORK (CNN/Money) - Want more time off? Buy some.

That's the deal that General Motors is offering its salaried employees. At a cost of $175 per day, a full-time, salaried employee can purchase up to five days off. Part-time employees can purchase up to three days, the Detroit News reported this week. The money is deducted from the workers pre-tax earnings.

The move is designed to improve morale and reduce payroll costs. If every eligible employee purchased all the days being offered them, GM could save as much as $34.4 million dollars, the newspaper said in a story Thursday.

Other Detroit-area automakers and companies have similar plans, according to the News report.

GM offered employees a similar plan last year, but under that plan days off were charged at the employee's normal daily rate of pay which was often more than $175. About 11 percent of the companies 40,529 salaried workers bought additional days last year, according to the Detroit News.

GM employees who have been with the company less than 5 years would ordinarily be eligible for two weeks of vacation time and that time must be taken during GM's July summer shut-down period. The vacation purchase plan gives employees the option of taking vacation in the second half of the year.

The offer was made in an e-mail sent to employees last week and eligible employees have until today to accept the offer, according the report.

A GM spokesperson was not immediately available to comment on the report.