In a first, gold medal winners in track and field events at the 2024 Paris Olympics will be rewarded with $50,000, World Athletics announced on Wednesday.

World Athletics, in a statement, said that a total prize pot of $2.4 million that the body will receive from the International Olympic Committee’s revenue share allocation will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris.

This initiative by World Athletics also includes a firm commitment to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the Los Angeles Olympics in 2028.

When sharing details of the decision, World Athletics President Sebastian Coe commented: “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 recognising the critical role they play in the success of any Olympic Games.

“This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.”

The payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures.

Each individual Olympic champion will receive $50,000 while relay teams will receive the same amount, to be shared among the team. The format and structure of the 2028 Olympic Games bonuses will be announced closer to the event.

This is the first time the international federation of a sporting body is providing a financial reward to medal winners at the Olympics.

Neeraj Chopra is the only Indian athlete to win an Olympic gold medal in a track and field event when he won the men’s javelin throw title in Tokyo.