Did you know US Olympic medal winners receive payment for winning their medal?

Question

This is news to me. I did not realize that you are paid if you win a Gold, Silver or Bronze. Beyond being paid there are trusts, health insurance and scholarships. The following payment schedule is copied from the linked article below. It is under the section titled "Operation Gold"

Summer Olympic Payment Schedule

Place 2005 2006 2007 2008*

1st $5,000 $5,000 $6,000 $25,000

2nd $4,000 $4,000 $5,000 $15,000

3rd $3,500 $3,500 $4,000 $10,000

4th $3,000 $3,000 $3,500

5th $2,500 $2,500 $3,000

6th $2,500 $2,500 $3,000

7th $2,000 $2,000 $2,000

8th $2,000 $2,000 $2,000

(Schedule from: http://www.usolympicteam.com/content/index/894)

How may of you knew US athletes were paid? I always thought they won their medal and relied on endorsement opportunities, etc.

Answer 1

Of course they do, and US offers one of the lowest money for medalist, singapore gives the highest ball , US 1 million for a gold

Answer 2

I actually never knew that until I read the Sports Illustrated Olympic Preview issue.

I knew a lot of other countries paid their Olympic athletes, but I honestly had no idea that the US did so ... I thought, as you did, that the Olympic medals were more valuable for winning endorsements, and had no real monetary value besides that.

It makes me a bit sad to realize that in the end, the Olympics, just like everything else, all comes down to $$$$$ ... *sigh*

Answer 3

yes, i guess it motivates them

for china gold medal is 20000 RMB, silver is 10000RMB, and bronze is 5000 RMB

Answer 4

I did not know this at all. I thought it was only after the fact when the endorsement offers and chances to go pro and all sorts of other perks began.

Answer 5

They were talking about it during the opening ceremony's after they discussed Canada's decision for monetary reward.

Answer 6

I didn't know we paid our athletes.

Answer 7

   No, I didn't.  The Olympics is for amateurs.  Any country - including the Almighty USA - that pays their competitors more than expenses and subsistence allowances should be banned from future games.  It is on a level with drug use, and has no place in the Olympic Games.  

  It is supposed to be an even playing field.  You are now telling me that America is cheating?

Answer 8

I have heard that other countries actually do more for their athletes if they are an Olympic Champion.  Cars, houses, property, etc.

I did know that the Americans got paid, but I wasn't aware of the amounts.  I'm sure some athletes get paid a lot more though just due to sponsors and endorsements.

Answer 9

Athletes from most countries get a handout from their government for winning a gold medal. Thanks to the tax payers who have also payed for most of their training  

Answer 10

Read The article more clearly !!!!!!!!!!!!!!  They do not get paid directly. They are funded!!!  It is like a Grant. Meaning the more they win,  the more money they get toward funding for their personal or team future training.  Endorsemnets is where these athletes get the cash cow !!!!

Answer 11

Cool. I didnt know that.

Answer 12

so does that mean that with phelps' 27 gold medals he's now a billionaire?