Kumho Tire Delays Bonus Payments

The payment of bonuses to approximately 3,000 Kumho Tire employees in South Korea have been delayed due to, according to a company official, the “company’s liquidity problem.” South Korean vehicle manufacturers are currently experiencing a sharp decline in sales, the affects of which have been passed onto tyre makers.

The annual bonus payment, said the official, has been indefinitely postponed, however the company “will make its utmost efforts” to pay the bonus of 2.5 million won (£1,350) per worker.