Are Olympians compensated for their efforts? The value of earning a gold medal is mind-boggling.
Following a breathtaking opening ceremony on July 13, the Olympics entered their third day today, with participants already building up huge medal tallys for their various countries. Are Olympians compensated for their efforts?
After a year of delays due to the Covid epidemic, the Olympics 2020 opened on July 23 in Tokyo, ending a five-year wait since the last games in 2016. Given the disease’s pervasiveness, Japanese organizers have gone ahead with activities that are devoid of spectators. However, several parts of the games have remained unchanged, such as athlete remuneration.
Olympians are the world’s most accomplished athletes, world record holders, and well-known personalities.
They consistently raise the bar for physical performance, so it’s no wonder that they’re well compensated.
They do not, however, receive pure “Olympic pay,” as their funding comes from a variety of sources.
Olympic athletes’ initial and most prominent kind of reward comes from the games themselves.
Olympic and Paralympic athletes are compensated according on their performance, with gold being the highest and bronze being the lowest.
However, it will not come from the International Olympic Committee (IOC), as countries will decide whether or not to award gold, silver, or bronze medals.
The value of each medal varies by country.
Gold medalists in the United States, for example, might earn more than $37,000 (£26,783).
Their Singaporean counterparts get substantially more, with a gold medal worth about $1 million (£723,885).
Canada is currently at the bottom of the rankings, offering a $15,000 (£10,858) prize for gold medals.
Successful Olympic athletes also have a lot of clout.
Their sudden celebrity will inevitably pique the interest of businesses, who may be willing to pay the national celebrity to endorse their product.
Athletes may be hired by sports firms such as Nike and Adidas, allowing them to earn money in the four years between Olympic participation.
Some countries that do not award medals may provide financial assistance to their athletes.
For example, the United Kingdom devotes over £125 million in public and lottery funds to Olympic and Paralympic competitors, with £26,000 going to individual medalist stipends.
Government-backed training programs are common among the most successful countries at the Olympics.