Olympic athletes from different countries compete for their home nation’s glory, honour and pride, so it’s just right that they get rewarded for their hard work, especially if they get the Olympic medal.
Cash incentives vary from country to country, with some offering very good cash bonuses while others opt to not give anything to their champions.
For the top countries participating in this year’s Rio Summer Olympics, a gold medal fetches a good reward. Italy, Russia and France give each of their gold medallists $180,000, $135,000 and $65,000, respectively. China, for its part, rewards their top players with $31,400 per gold medal, while the United States gives out $25,000 for each gold medallist.
For countries who’ve been struggling to clinch at least a gold or two, governments offer a much higher incentive.
A Singaporean athlete can get a whopping 1 million Singapore dollars, or $746,000, for winning gold under its Multi Million Awards Program. Silver will fetch ($378,000) and bronze ($188,000).
Taiwanese Olympic gold medal winners can get as much as 20 million New Taiwan Dollars, or $640,000, while silver medallists earn $223,000 and bronze medallists earn $160,000.
The Indonesian government announced a cash prize of 5 billion Indonesian rupiah, or almost $384,000, for gold medallists. Silver and bronze winners will get two billion rupiah, or $152,000, and one billion rupiah, or $76,000, respectively.
Thailand has offered a 10 million baht cash incentive for gold medallists, which is around $287,000. A silver medallist gets 6 million baht, or $172,000. The private sector often adds cash prizes too, usually amounting to additional millions of Thai baht.
In Azerbaijan gold medallist await a huge payday on top of the Government –backed incentive of 400,000 Azerbaijani manat, which is almost $250,000. A silver medallist gets 200,000 AZN ($124,000), while bronze fetches 100,000 AZN ($62,000).
In Kazakhstan, gold medal winners receive 86 million Kazakhstani tenge, or around $250,000. Silver wins 50 million KZT ($150,000), while bronze gets 25 million KZT ($75,000).
Filipino athletes who bring home gold medal are granted 10 million Philippine pesos, or $215,000. Silver medallist get 5 million PHP ($107,000), and bronze medallist get 2 million PHP each ($43,000).
In South Korea, gold medallist receive 60 million won, or about $55,000. Silver medallist earn 30 million won, about $27,000, and bronze medallist win 18 million won, or about $16,000. However, South Korean coaches are actually awarded more money than the athletes.
A bronze medal winner in India is set to earn 1 crore just from the government. (This is nearly $150000). Other than that, some state governments, generous billionaires and film stars are willing to gift the medal winners with cash and expensive cars. If lucky, even a Bollywood movie would be made on them.
Countries like Australia and Canada only award their gold medallists $15,000 each. However, Great Britain doesn’t award their athletes any money. Instead, they get their face on a stamp, but they may receive sponsorship contracts worth more than higher paying countries.
These people give up everything that we take for granted. They train in most cases 7 days a week for years and years. Giving up the ability to earn income for their families with common jobs! These amazing Olympic medallists must be paid by their country. It’s hard to understand, the hardships most of them face due to the fact that they give every second of their time to train. All just for a chance to put their country on medal podium! It takes a special person to sacrifice that much of their younger years.
I find it amusing to see these rare percentile of athletic overachievers who “KILL THEIR BODIES” not to mention the discipline in training & diet to make it on a podium. They deserve more than the overpaid Political leaders of the world for sure!
It’s an encouragement for them to continue their good work or make others work towards this goal. Olympic is all about country’s pride. It’s blood and tears to get a medal! Some of the players abandon their study for years of training just to participate. Sport is the only thing they can do and many athletes live in poverty and they can no longer earn money from the event they played.
Many athletes pay for their own training leading up to the Olympics. Assuming they even qualify for the Olympics. Some of them actually struggle to even pay for this training. Some parents even go bankrupt while continuing paying for their kids training. Training isn’t free. They deserve to get paid because they need to survive too, if they don’t get paid who knows how long they would be able to participate in the Olympics.
They shouldn’t get paid in INSTANT cash rewards and kind. Being chosen to represent your country (and getting a medal) is a reward in itself at first place. I can understand the pains they go through to get where they are.
But if you want to get paid, play professionally or sell yourselves out in endorsement deals.
Medal is a reward, money isn’t.
Assuming you were fighting for your country’s independence and you got your country liberated, would you expect the Government to cash reward you for this achievement? Would you put a price for such an effort? Is this a commercial deal going on?
An athlete is representing a country and not self. A national level felicitation is a more humble way of honouring somebody. A soldier who has sacrificed his life for his country should be awarded more than an athlete!!!
If one has to give these athletes cash rewards, give them in form of government bonds, NSCs with a locking period of 6 – 7 years. But no expensive cars as gifts or any brand ambassadorship for heaven’s sake at this stage at least.
Governments may choose to pay for their future training though (it will be a topic of a new post by the way).
The players could lose their entire focus off the game. Hereon they rather need to pay lot more attention to their game than before, work more on the weak spots and get them sorted out. Become finer, better and better and the best at the next Olympic!
We have seen lot of good cricketers going this way and ending their career in a short span of time.
Let that not happen to these wonderful players.
The medal winners deserve all the accolades they are getting but let them not lose focus because they have tougher events coming up in their future life.
“It’s a moment of joy that we’ve finally broken “No Medal” streak at Olympics and it’s clear that we’re improving.
But the victory to our players in Olympic doesn’t mean that they’ve won the world. We have found some good talent but these players need to keep their feet firm on the ground. It’s just a breath of fresh air for Indian players.
We desperately needed a medal at the Olympics and I think the players fought remarkably well and kept their nerves to win close games. I pay rich tributes to them.
Even the performance of the players from games in which we didn’t get any medals showed that we have enough talent. It just needs to be given proper chances and more exposure.
There is still a lot of hard work to be done.
It’s a moment of great pride for the nation on winning the Olympic medals and I hope the players will continue to perform with the same spirit in future too.
The medals have brought great joy for the nation.
It was great to see such a fighting performance. The players handled the pressure and expectations of the entire country remarkably well.
This will set a very good example and create massive motivation amongst upcoming players.8