Indian Olympic Associatio (IOA) has decided to hike the prize money for the medal winning athletes at the upcoming Paris Olympics. The Summer Games are set to be played from July 26 to August 11 and a total of 195-member Indian contingent will soon travel to Paris to take part in it. The prize money for the gold medal winners at the Games has been increased from Rs 75 lakh to Rs 1 crore.
On the other hand, the silver and bronze medal winners in Paris will earn Rs 75 and 50 lakhs respectively according to Times of India. This prize money is separate from what the government offers to the medal winners. According to the government's scheme, an Olympic gold medallis gets Rs 75 lakh while Silver and Bronze medal winners are bound to get Rs 50 and 30 lakh respectively.
Moreover, the World Athletics (WA) also recently announced a cash prize of $50,000 (approximately Rs 42 lakh) for each athlete who will win the gold medal at the Olympics this year. Coming back to IOA, the body has also earmarked $50 as the pocket allowance per day for each member of the contingent during their stay in Paris.
As far as the prize money to the teams is concerned, the IOA has decided to separately award the gold medal winning team a cash prize of Rs 2 crore and silver and bronze medal winning teams will Rs 1 crore and 75 lakh respectively. IOA has also taken a historic step for the first time and will provide a cash grant to athletes and support staff travelling to Paris.
The athletes will receive Rs 2 lakh each while the support staff members will also get Rs 1 lakh each. IOA will bear the cost of Rs 4.4 lakh on golf bags for the Indian team comprising four members. Moreover, the body will also spend around Rs 9 lakh on the boarding and lodging of 4P category athletes and groom of equestrian.
