Bulky-Confusion-5917's journey

I work as a mid-level manager at a large company, and recently we received a company-wide email offering voluntary separation packages. The email also mentioned that layoffs would occur if not enough employees opted for the voluntary separation. I'm in a bit of a dilemma because I want to stay with the company, but I'm concerned about the possibility of being laid off if I reject the offer. I'm trying to figure out if the severance I would receive if I chose to stay would be the same as the voluntary separation amount. Additionally, I'm curious if the company already has a list of who they plan to lay off. The decision on whether to accept the voluntary separation is due by the beginning of July, and it feels like there’s a lot of pressure. I can't help but wonder if my choice to stay or go will influence their decisions on layoffs. It feels a bit like psychological warfare. I've heard from others that companies often have a 'shadow list' of employees they plan to cut, and that voluntary packages are usually better than involuntary ones. I’m considering my options carefully, especially given the current job market. I want to make the best decision for my future.