Even if they don't renew that contract after 6 years then youve still got a ****load of hours on a jet so you can do what you like with it. If you don't like jet flying, im sure any other lower level job that's out there would take you on with that kind of experience.
Not so, in some cases this will become a hinderance not a help. It may come as a surprise but some employers of a 'lower level job' may not actually want your co-pilot jet time... There's not whole lot of anything you can do with a bunch of co-pilot time. Anyway, why would you go back to a 'lower level job?' So you can work your way back up the ladder so that maybe you can get back in to an airline to fly the all important shiny jet for dirt money all over again...?!
The only reason why Jetstar are doing this is so that they can MAYBE employ you on THEIR terms and pay you LESS for LONGER. A long way from what I would call a 'win, win.'
If you think it is a good idea, it might be - for Jetstar, but not for you!
Believe it or not but there are people here with lifetimes of experience in the industry who can see what is really going on and are trying to offer a genuine warning...