09-08-2021, 10:14 AM
PUBLISHED THU, JUL 29 2021 12:31 AM EDT UPDATED THU, JUL 29 2021 9:25 AM EDT
Saheli Roy Choudhury
Shubhangi Goel
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The Philippines clinched its first ever gold medal in Tokyo this week, making Filipino weightlifter Hidilyn Diaz the country’s first Olympic gold medalist.
As a reward for her historic achievement, Diaz will reportedly receive at least 33 million Philippine pesos (around US$600,000) from the Philippine Sports Commission as well as the country’s top businessmen. She has also been offered two homes and free flights for life, according to reports.
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The U.S. Olympic and Paralympic Committee rewards athletes US$37,500 for every gold medal won, US$22,500 for silver and US$15,000 for bronze. Most of that prize money is not taxable unless athletes report gross income that exceeds US$1 million.
U.S. athletes also receive other forms of support including health insurance, access to top-tier medical facilities and college tuition assistance.
In comparison, Singapore rewards its gold medalists nearly 20 times more than the U.S. Players who clinch their first individual gold medal for the city-state stand to receive 1 million Singapore dollars (US$737,000). The prize money is taxable and awardees are required to return a portion of it to their national sports associations for future training and development.
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Malaysia also has hefty rewards for its Olympic winners.
Athletes who win gold receive 1 million ringgit (US$236,149), while silver winners are awarded 300,000 ringgit, and 100,000 ringgit is given to athletes who win bronze. In dollar terms, a Malaysian Olympic bronze winner will receive a higher performance reward than a gold winner from Australia or Canada.
Full article at: https://www.cnbc.com/2021/07/29/tokyo-ol...-earn.html
Saheli Roy Choudhury
Shubhangi Goel
......
The Philippines clinched its first ever gold medal in Tokyo this week, making Filipino weightlifter Hidilyn Diaz the country’s first Olympic gold medalist.
As a reward for her historic achievement, Diaz will reportedly receive at least 33 million Philippine pesos (around US$600,000) from the Philippine Sports Commission as well as the country’s top businessmen. She has also been offered two homes and free flights for life, according to reports.
......
The U.S. Olympic and Paralympic Committee rewards athletes US$37,500 for every gold medal won, US$22,500 for silver and US$15,000 for bronze. Most of that prize money is not taxable unless athletes report gross income that exceeds US$1 million.
U.S. athletes also receive other forms of support including health insurance, access to top-tier medical facilities and college tuition assistance.
In comparison, Singapore rewards its gold medalists nearly 20 times more than the U.S. Players who clinch their first individual gold medal for the city-state stand to receive 1 million Singapore dollars (US$737,000). The prize money is taxable and awardees are required to return a portion of it to their national sports associations for future training and development.
......
Malaysia also has hefty rewards for its Olympic winners.
Athletes who win gold receive 1 million ringgit (US$236,149), while silver winners are awarded 300,000 ringgit, and 100,000 ringgit is given to athletes who win bronze. In dollar terms, a Malaysian Olympic bronze winner will receive a higher performance reward than a gold winner from Australia or Canada.
Full article at: https://www.cnbc.com/2021/07/29/tokyo-ol...-earn.html