AirCal began repaying employees for salary cuts.
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Bouncing back from financial losses, the Newport Beach-based airline began distributing $11.6 million to 2,200 current and former employees to repay them for taking a 10% salary cut in 1983. AirCal officials had promised to pay back 150% of the money that the airline’s employees sacrificed in 1983. This week’s payments will cover 90% of the company’s commitment, AirCal said. The airline said it hopes to repay the remainder next year.
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