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As part of a newly introduced initiative aimed at providing financial security to American athletes, those who have represented the United States in the Olympics and Paralympics will now receive $200,000 in post-retirement benefits for each Games in which they have competed. This means that an athlete who has participated in three editions of the Olympics or Paralympics could be eligible for up to $600,000 in benefits.
Massive $100 Million Donation Fuels Financial Security Program
A generous $100 million donation by philanthropist Ross Stevens has enabled the US Olympic and Paralympic Committee (USOPC) to launch this groundbreaking financial support program. The initiative, officially announced by the governing body for Olympic and Paralympic sports in the USA on Wednesday, seeks to ensure financial stability for retired athletes who have dedicated their lives to representing the country.
Breakdown of the ‘Stevens Financial Security Award’
Eligible athletes who have competed at the Olympics or Paralympics will receive the Stevens Financial Security Award, which consists of two six-figure payments:
- $100,000 will be given to the athlete’s family upon their passing.
- The remaining $100,000 will be distributed over a four-year period after their Olympic or Paralympic careers conclude.
This payment will be granted 20 years after their qualifying Games or when they reach 45 years of age, whichever comes later.
What Did American Olympic Medalists Earn at Paris 2024?
Under the USOPC’s “Operation Gold” program, athletes received financial rewards for their medal achievements at the Paris 2024 Olympics:
- Gold Medal: $37,500 (Approx. ₹32 lakh)
- Silver Medal: $22,500
- Bronze Medal: $15,000
Unlike professional team sports such as basketball or baseball, where athletes have contractual salaries, Olympians and Paralympians often rely on sponsorships and appearance fees to sustain their careers.
How US Bonuses Compare to Other Nations
A report by USA Today highlighted that the monetary rewards offered by the USOPC to gold medalists were significantly lower than those in several other countries. Some of the top-paying nations for Olympic gold medals at Paris 2024 included:
- Serbia: $214,900 (~₹1.8 crore)
- Malaysia: $212,180
- Morocco: $200,525
- Italy: $193,410
- Lithuania: $180,188
USOPC Chair Highlights the Need for Financial Stability
USOPC Chair Gene Sykes emphasized the financial challenges many elite athletes face after their competitive careers end, stating:
“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’s Performance at Paris 2024
Team USA consistently dominates the medal standings at the Olympics, and Paris 2024 was no exception. The nation was represented by 595 athletes and secured the top spot on the medal tally with a total of 126 medals:
- Gold Medals: 40
- Silver Medals: 44
- Bronze Medals: 42
With this new financial support system in place, American athletes can now look forward to a more stable future as they transition out of competitive sports.
