This…is really something. Delta is offering severance payouts to more than half its workers – about 30,000 people in total. Ultimately, however, the airline is only looking to reduce its workforce by about 2,000. For now, anyway. And, they will cut capacity by 5%. According to a memo I received from Delta’s CEO and President, the airline will make this reduction by August “through a combination of decreased utilization and parking 15-20 mainline aircraft and 20-25 regional jets.” Once again, the rationale behind all this is soaring fuel prices. According to the same memo, Delta’s fuel prices for the past 3-months “have climbed nearly 20 percent and our 2008 fuel bill is now expected to increase by nearly $900 million.” Keep reading for all the details (just click “more”).

The Delta memo says the jobs that will be cut are “frontline, administrative and management jobs through the voluntary program, attrition and other initiatives.”

If more than that 2,000 wish to take the voluntary severance, it will be allowed (though it’s not clear exactly how many would be allowed to take it: 5,000? 10,000? Or more?). Also, there’s no word on the amount or size of these severance pay-outs.

This will not affect Delta pilots, who are members of a union.

As far as a possible Delta-Northwest merger is concerned, well that may now be on the back-burner, but according to the memo, the pot still simmers: “Our long-term view remains that consolidation may be the right course of action.”

Meanwhile, I guess we now have a better sense of why Delta has been cutting back on some of its routes in recent weeks.