How much money will athletes earn if they win medals at the Tokyo Olympics ?

Chanu Saikhom Mirabai is India’s medalist at the Tokyo Olympics 2020. While she was presented with a silver medal and an unforgettable podium tribute in recognition of her accomplishment, the medal does not come with an official cash prize from the International Olympic Committee.

Ms Mirabai Chanu at Tokyo Olympics

Chanu’s efforts will be rewarded with a cash prize from her home country, as is customary for nations that send athletes to the Olympics. Ashwini Viashnaw, the Union Minister for Railways, announced a Rs 2 crore reward for Chanu.

M Biren Singh, Chief Minister of Manipur, announced a reward of Rs 1 crore, while the Indian Olympic Association added a Rs 10 lakh bonus to the Olympian’s winnings.

When converted to US dollars, Chanu’s total cash reward will exceed US $400,000. However, how do the earnings of Indian Olympic medalists compare to those of other countries’ winners at the Tokyo Olympics 2020?

Different countries offer cash prizes to Olympic medalists.

Cash awards for gold, silver, and bronze medals at the Olympics vary by country. According to CNBC and Money Under 30, a list of cash rewards for Olympic medalists from 12 countries reveals that American athletes receive significantly less cash than Indian winners. The United States Olympic and Paralympic Committee has set the cash prize for gold, silver, and bronze at $37,500, $22,500, and $15,000, respectively.

On the other hand, Singapore is one of the most generous countries, offering medalists around $737,000 for gold, $369,000 for silver, and $184,000 for bronze.

Kazakhstan is another high-paying country, with rewards of $250,000 (G), $150,000 (S), and 75,000 (K) (B). Malaysia, Italy, and the Philippines are additional countries that award winners in excess of $200,000.

Countries that perform well and rank higher in the Olympics standings, such as Japan, South Africa, and Brazil, pay less than $50,000, putting them closer to the USA.

Canada and Australia pay their gold medalists just $16,000 and $15,000, respectively.

India has announced rewards.

The Indian Olympic Association has set a cash prize of Rs 75 lakh for gold medalists, Rs 40 lakh for silver medalists, and Rs 25 lakh for bronze medalists.

That prize, however, will be enhanced by the substantial cash rewards being offered by several states to motivate their athletes to medal at the Tokyo Olympics. Uttar Pradesh, Haryana, and Odisha have announced the highest rewards of Rs 6 crore for gold winners, Rs 4 crore for silver winners, and Rs 2 crore, Rs 1.5 crore, and Rs 2.5 crore for bronze winners, respectively.

The majority of states have announced cash prizes ranging from Rs 1-3 crore for gold medalists. West Bengal has reportedly announced the lowest cash prize at Rs 25 lakh (G), Rs 15 lakh (S), and Rs 10 lakh (B).

Apart from cash prizes for medal victories, some Olympians also earn sponsorship or endorsement deals as a result of their success at the games. However, such deals are still uncommon for medalists in the majority of Olympic sports.

Source: DNA India (Zee News)

Edited by: Brajabandhu Mahanta

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