With announced layoffs looming -- later this month -- Kennecott Utah Copper is offering employees early retirement packages.

The copper giant wants older workers to leave voluntarily, in order to save more jobs for younger employees.

The incentive includes a $20,000 payment, along with monthly pension payments of $1200 to $1700 per month.

About 270 Kennecott employees have been given until the end of May, to accept the offer.