ATLANTA (AP) — UPS Inc., the world's largest shipping carrier, is seeking $40 million in cost savings this year from its pilots, who are looking for alternatives to furloughs. The pilots union is considering leaves of absence, early retirements, reduced-pay-guarantee routes and job sharing, according to the company. Roughly 300 pilots could be furloughed, or idled, if Atlanta-based UPS doesn't get the savings it says it needs. That's 10 percent of the 3,000 pilots represented by the union. The company said the severe downturn in the global economy has caused UPS package and freight volumes to decline. Company spokesman Michael Mangeot said Wednesday that UPS expects to know in early June if the volunteer effort at cost savings was successful. In addition to the $40 million in pilot cost savings being sought for 2009, UPS is seeking $38 million for 2010 and $53 million in 2011, Mangeot said. "For several months, UPS has been working in good faith with our pilot's union, the Independent Pilots Association, on cost-cutting solutions that could avert a pilot furlough," he said. UPS has trimmed over $1 billion from its budget by freezing management salaries, suspending matches for its 401(k) plans, cutting capital expenditures, restructuring package operations in some locations, and a series of other activities, Mangeot said.