Based on the union, JetBlue is offering early retirement packages to some pilots

JetBlue Airways is offering early retirement packages to a few of its pilots, its union told members Friday.

The airline has been working to chop costs and increase revenue with initiatives like recent first-class seats while also addressing one Pratt & Whitney Engine recall that has caused a few of its aircraft to be grounded.

The company has submitted voluntary separation offers and people will close on Feb. 7, in response to the Air Line Pilots Association statement seen by CNBC.

JetBlue and the union agreed to pay pilots 55 hours of their hourly wages until their mandatory retirement date or 18 months after the separation agreement, whichever is less. For example, the agreement states that an Airbus A320 captain who’s 12 years old and turns 65 in December 2027 would receive $416,293.02, while an Embraer E190 captain with eight years of experience who turns 65 on Turning 65 at the top of the 12 months, you’d receive $160,858.91.

JetBlue, which reports quarterly results on Tuesday, didn’t immediately reply to a request for comment.

The agreement letter between the corporate and the union earlier this week states that eligible pilots might be 59 years old on or before March 31. The federally mandated retirement age for U.S. airline pilots is 65.

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