A short answer-clear as mud
VVJM265,
Whilst there a few pilots on Retirement Age 60 contracts flying the Freighter, they are employed by ASL, who stopped recruiting in 1999. Everyone else, being about 97% of the pilots, are on age 55 contracts. However, within those age 55 contracts is a clause that states for any pilot extended beyond 55, by-pass pay is paid to both the senior FO and senior SO. Obviously, this is expensive for the company and historically they have been loathed to extend pilots.
However, with the airline expanding the company's hand has been forced and there is a need to extend. Whilst the company would love to do away with the by-pass pay, the Pilots (not unsurprisingly) are not so keen. The company is now acting somewhat unilaterally, and extending guys on a modified and reduced package almost tailor-made to each individual. Whether or not either party will lose patience with the current situation and force a change, remains to be seen.
Believe it or not, that's the short answer- clear as mud??