Fred Kerley of the United States poses after winning the bronze medal in the men’s 100 meters final at the Paris 2024 Olympics. (AP Photo)
A $100 million donation by a philanthropist Ross Stevens to the US Olympic and Paralympic Committee (USOPC) has opened the doors for American athletes who have represented the country at Olympics and Paralympics to receive at least $200,000 in post-retirement benefits, the governing body for Olympic and Paralympics sports in USA announced on Wednesday.
All eligible athletes who have competed at Olympics and Paralympics are eligible to receive a “Stevens Financial Security Award” consisting of two six-figure payments, US media reported. Of this, the families of the athletes will be eligible to receive $100,000 upon their death. And the other half will be given to the athlete over a four-year period after the end of their Olympic or Paralympic careers (20 years after their qualifying Games or when they turn 45 years old, whichever is later).
As part of the program to provide a safety net for athletes who have represented USA, they will receive $200,000 in benefits for each Games in which they compete. So an athlete competing in three Olympics or Paralympics would receive $600,000 in benefits.
- 01
What did American Olympic medallists for Paris 2024 earn?
As per USOPC’s “Operation Gold” program, athletes earned $37,500 (approximately Rs 32 lakh) for every gold medal in Paris, $22,500 for every silver and $15,000 for each bronze. Athletes who compete at the Olympics or Paralympics for USA usually make money from sponsorship deals and appearance fees (as opposed to major professional team sports like basketball or baseball, where an athlete has a contract with their franchise that assures them a monthly salary even in case of bad performance or injury).
As per a USA Today report, the money an American gold medallist was given by USOPC paled in comparison to many other countries. The top bonuses for winning a gold medal at Paris 2024 went to: Serbia ($214,900 or approximately 1.8 crore), Malaysia ($212,180), Morocco ($200,525), Italy ($193,410) and Lithuania ($180,188).
USOPC Chair Gene Sykes said: “These extraordinary individuals have committed their lives to their sport, often at the expense of traditional career paths and financial savings. As they approach the end of their competitive journeys—often as young as 25 or 30—many face a daunting reality: the lack of financial savings to support them and their loved ones in their post-athletic life. Because of Ross’ extraordinary generosity and philanthropic creativity we can create more than a financial safety net— we can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers.”
Team USA frequently tops the medals tally at the Olympics. At Paris 2024, Team USA was represented by 595 athletes. The nation won 40 gold medals, 44 silvers, and 42 bronze medals to top the medal podium with a total of 126 medals.
© IE Online Media Services Pvt Ltd
