Olympic glory: Rewards for medals now common

The Olympic Rings are seen in front of the skyline during sunset one night ahead of the official opening of the Tokyo 2020 Olympic Games in Tokyo, Japan, July 22, 2021. REUTERS

MANILA, Philippines—For many athletes who participated in the delayed 2020 Tokyo Olympics, a podium finish does not only mean medals around their necks.

Olympic victory does not only come with applause, cheers and admiration from millions of people, but has also become financially rewarding for those who win.

Several countries competing in the Olympics, including the Philippines, have offered their athletes these kinds of compensation.

Singapore

Singapore offers the highest Olympic medal bonus for its athletes.

According to the Major Games Award Programme (MAP) of the Singapore National Olympic Council (SNOC), the payout for the Olympic games are:

• US$741,141 for gold medalists in the individual category.
• US$370,570 for silver medalists in the individual category.
• US$185,285 for bronze medalists in the individual category.

SNOC offered an even higher amount of payout for successful athletes who competed in the team event and team sport.

“The awards are given to the athletes and not to the respective National Sports Associations. The awards are taxable,” SNOC said.

“It is mandatory for all athletes to plough back 20 percent of the MAP awards for the SEA, Asian and Olympic Games,” it added.

Singapore has sent a total of 23 athletes to Tokyo for the Olympics. So far, the country has no medal.

Thailand

Panipak “Nong Tennis” Wongpattanakit, who returned home with Thailand’s first gold medal in the Tokyo Olympics, is set to receive 20 million baht or at least US$604,457, according to Bangkok Post.

The 23-year-old athlete defeated Adriana Cerezo Iglesias of Spain in the women’s under-49 kilograms taekwondo competition.

She was also appointed as Thailand’s ambassador for sport and tourism by Tourism and Sports Minister Pipat Ratchakitprakan.

Indonesia

According to a report by Nikkei Asia, the cash prizes offered by Indonesia’s Ministry of Youth and Sports for athletes who could bag Olympic medals are:

• US$349,022 with US$1,396 lifetime monthly pension allowance as an incentive.
• US$139,608 with US$1,047 lifetime monthly pension allowance as an incentive.
• US$69,804 with US$698 lifetime monthly pension allowance as an incentive.

Indonesia already has five Olympic medals including one gold medal from Greysia Polii and Apiryani Rahayu who won in badminton women’s doubles against China.

Weightlifter Eko Yuli Irawan got a silver medal while weightlifters Rahmat Erwin Abdullah and Windy Vantika Aisah and badminton player Anthony Sinisuka Ginting brought home bronze medals.

Kazakhstan

Kazakhstan’s Culture and Sports Minister Aktotu Raimkulova announced last month that it will give prize money for each athlete who would win Olympic medals in Tokyo.

• US$250,000 for gold medal winners
• US$150,000 for silver medal winners
• US$75,000 for bronze medal winners

The country currently has three bronze medals—two from weightlifters Igor Son and Zulfiya Chinshanlo and one medal by Yeldos Smetov for judo.

Malaysia

According to the Malaysia National Sports Council, athletes who will bring home Olympic medals will receive:

• US$237,000 with a US$1,200 monthly allowance for gold medalists.
• US$71,000 with a US$700 monthly allowance for silver medalists.
• US$24,000 with a $470 monthly allowance for bronze medalists.

Aaron Chia and Soh Wooi Yik, who competed in badminton men’s doubles, secured a bronze medal, Malaysia’s first.

Italy

Italy had said it will offer a huge sum of money for their Olympic athletes who would bring home gold, silver, or bronze medals.

The estimated prize money allotted for Italian Olympic medalists are:

• US$213,759 for a gold medal.
• US$106,879 for a silver medal.
• US$71,253 for a bronze medal.

Italy currently has a total of 29 medals — five gold medals, nine silver, and 15 bronze.

In the 2016 Rio Olympics, the Italians bagged 28 medals.

Graphic by Ed Lustan

Philippines

Republic Act No. 10699, or the National Athletes and Coaches Benefits and Incentives Act, provides Philippine athletes the following rewards for a podium finish:

• US$201,155 and an Olympic Gold Medal of Valor to be issued by the Philippine Sports Committee.
• US$100,577 for Summer Olympic and Winter Olympic Games.
• US$40,231 for Summer Olympic and Winter Olympic Games.

After her historic gold medal performance in the women’s 55kg weightlifting competition in Tokyo, Hidilyn Diaz will receive P10,000,000, tax-exempt.

Several officials and businessmen have also pledged to give Diaz a total of P23,000,000 and P3,000,000, according to President Rodrigo Duterte.

READ: Duterte to give Hidilyn Diaz P3 million, house and lot in Zamboanga gov’t project

The country’s first Olympic medalist is also set to receive a condominium unit in Eastwood City and a house and lot in Tagaytay City and Zamboanga City.

Her estimated total bounty is around P35.5 million or around US$714,100.

READ: Hidilyn Diaz’s gold medal prize to reach more than P35M

On the other hand, boxing star Nesthy Petecio, who clinched a silver medal in the women’s featherweight final, is set to receive the P5,000,000 cash prize mandated by law.

She will also get additional cash incentives as well as a 60,000 Mabuhay Miles lifetime from Philippine Airlines and unlimited flights for five years from AirAsia.

READ: Nesthy Petecio takes home Olympic silver in boxing

Hungary

Hungary, according to a report published by Forbes, pledged the following amounts for their Olympic medalists as prize money:

• US$166,000 with tax for each gold medalist.
• US$118,000 for each silver medalist.
• US$94,000 for each bronze medalist.

The country is now 16th after getting a total of 11 medals including four gold, four silver, and three bronze.

India

Weightlifter Saikhom Mirabai Chanu is set to receive US$134,731 for bagging a silver medal, the first Olympic medal for India in Tokyo.

India’s badminton ace PV Sindhu won her second Olympic medal after defeating China’s He Bingjiao in women’s single.

During the Rio Games in 2016, Sindhu won a silver medal. This year, she will be bringing home a bronze medal along with the honor of being the country’s first woman to win two Olympic medals.

It is not yet clear how much prize money awaits her.

Japan

Athletes of the host country, Japan, will likewise receive a decent amount of cash reward for finishing on the podium.

Japanese athletes will reportedly get:

• Around US$45,000 for gold.
• Around US$18,000 for silver.
• Around US$9,000 for bronze.

Japan now has a total of 39 medals including 20 gold, seven silver, and 12 bronze.

United States of America

For athletes of Team USA, the United States Olympic & Paralympic Committee (USOPC) granted rewards to athletes for top-place finishes in the Olympic and Paralympic Games.

Under “Operation Gold,” US Olympic and Paralympic podium finishers can get:

• US$37,500 for a gold medal
• US$22,500 for a silver medal
• US$15,000 for a bronze medal

Aside from cash rewards, athletes can also get additional grants such as athlete health insurance, sports medicine and science, coaching education programs, and paralympic outreach and development.

“To maximize resources, the United States Olympic & Paralympic Committee strategically allocates grants to give the greatest number of American athletes the opportunity to reach the podium using a results-driven resource-allocation process,” said USOPC.

“Resources are delivered either directly to the athlete or through their National Governing Body to maximize effectiveness, efficiency, and economies of scale,” it added.

The current tally showed that American athletes have so far bagged the most medals in Tokyo—76 with 25 gold, 29 silver, and 22 bronze.

TSB