Yeah. that's pretty much it. If they are offering people money to leave, they are doing layoffs, but instead of firing the low-performers, they are getting rid of those most able to get other work.

Now, sometimes it does work out for the company; if you've got no other options, sure, you will put up with worse treatment and do more work.

either way, it's a pretty strong sign that the company will very shortly become a place I don't want to work.