How much do Olympic medalists earn?

Archer An San holds up her three gold medals won at the Tokyo Olympics after arriving at Incheon International Airport, Aug. 1. Yonhap

By Kwak Yeon-soo

Korean medalists at the Tokyo Olympics will receive huge financial rewards for their accomplishments, in addition to a hero’s welcome when they return home.

The Ministry of Culture, Sports and Tourism will reward 63 million won ($54,800) for each gold medal, 35 million won for silver and 25 million won for bronze. Medalists from team events will receive 75 percent of the individual payout.

Archer An San, a triple gold medalist at the Tokyo Olympics, will reportedly receive a total of 157.5 million won from the culture ministry. In addition, she will be awarded 95 million won from the Korea Sports Promotion Foundation. Starting this month, the 20-year-old will receive a monthly pension of 1 million won for the rest of her life.

The Korea Archery Association has yet to announce its cash reward plans, but it paid a total of 2.5 billion won to medalists from the 2016 Rio Olympics. It paid 200 million won to every gold medalist in individual events, while it offered 150 million won to gold medalists in team events.

High jumper Woo Sang-hyeok and his coach Kim Do-kyun will each receive 20 million won for setting a new record in Korea’s Olympic history.

“According to the new bonus scheme provided to those who set a new record for the country, Woo Sang-hyeok and his coach Kim Do-kyun will each be rewarded 20 million won,” the Korea Association of Athletics Federations said in a statement.

Medalists can make more money through endorsements or sponsorship deals after achieving success in the Games.

The amount of monetary prizes awarded to Olympic medalists varies from country to country, but Singapore reportedly offers the highest known payout for an individual gold medalist at 1 million Singapore dollars ($740,000), plus rewards of 500,000 Singapore dollars for silver and 250,000 Singapore dollars for bronze.

How much do Olympic medalists earn?
Source: Buhay Kapa PH