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"The bonus payment was delayed because of the company's liquidity problem," an official at Kumho Tire said.
The Kumho Tire official said the annual bonus payment was postponed indefinitely, saying the company "will make its utmost efforts" to pay the bonus of 2.5 million won (US$1,883) per worker.
South Korean tiremakers have been reeling as automakers such as Hyundai Motor Co. and Kia Motors Corp., their major clients, are suffering from a sharp slump in vehicle sales.
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