World Athletics will reward athletes for reaching the pinnacle of sporting achievement starting at this year's Olympic Games in Paris.
This will be the first international federation to offer prize money at an Olympic Games.
Athletes who clinch gold in the 48 athletics events will receive Sh6.5m each.
This significant move comes after the allocation of a prize pool totalling Sh312m. This funding is sourced from the revenue share received by World Athletics from the International Olympic Committee every four years.
World Athletics President, Sebastian Coe, expressed the significance of this decision.
"The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games."
Coe reiterated the federation's dedication to extending this initiative to include silver and bronze medalists at the LA 2028 Olympic Games.
"The payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures," he added.
This move underscores World Athletics' commitment to reinvesting revenues generated by athletes at the Olympic Games back into the sport itself.
Coe elaborated; "While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is."
The format and structure of the prize money for the LA28 Olympic Games will be announced closer to the event.
This historic decision by World Athletics marks a significant step forward in recognising and rewarding the efforts of athletes who dedicate themselves to achieving Olympic success.
