Brigham and Women’s Hospital in Boston has presented 1,600 employees—nearly 9 percent of its workforce—with the option of a voluntary buyout as the hospital looks to cut costs.

According to the Boston Globe, employees over the age of 60 will be offered a year of their base salary and up to 20 months of insurance coverage. Some 5,300 of the hospital’s physicians, faculty and research staff won’t be eligible for the offer.

“This generous benefit will honor those whose careers are winding down and create opportunities for emerging leaders within the organization. It will also help us manage labor costs through workflow redesign," Brigham and Women’s President Betsy Nabel, MD, wrote in an email obtained by WBUR.

Brigham is reportedly profitable but has faced several financial pressures in recent years, such as debt from a new $510 million addition to the hospital, $16 million in lost revenue thanks to an averted nursing strike and a $10 million fraud settlement.

At the same time, Brigham’s parent company, Partners Healthcare, wants to expand by buying Care New England Health System, Rhode Island’s second-largest hospital, and has built new corporate offices in nearby Somerville.

“Right now, there is no justification for any reductions of direct-care staff for patients at the hospital,” Massachusetts Nurses Association spokesman David Schildmeier said to the Globe.

About 475 unionized workers would be eligible for the buyout, and their unions have said they’ll allow members to consider the deal.

About 30 percent of those eligible are likely to opt for early retirement, according to WBUR, and Brigham isn’t ruling out further cuts after the buyout process plays out.

“It is likely at the conclusion of this process that we will need to take additional measures to reduce our full-time employee count,” Nabel said.