Korean Olympic Medalists to Get Huge Cash Bonuses

kpopluv, Feb. 26, 2014, 10:28 a.m.

Korean athletes who won medals at the 2014 Sochi Winter Olympics are expected to receive huge cash bonuses for their performances.  Short track skater Park Seung Hi is expected to receive a bonus of about $280,000 US for winning 2 gold and 1 bronze medal. 

She is to receive a lump sum of about $100,000 US, and a lifelong monthly pension from the Korean government for about $1,000 US per month.  She will get prize money from several organizations like the Korean Olympic Committee and the Korean Skating Union.  Park's bonus from the Korean Olympic Committee stands at around $100,000 US.

The committee promised cash incentives to medalists at a similar level to the 2012 Olympics in London – about $55,000 US for gold medalists, about $28,000 million for silver medalists, and about $15,000 US for bronze medalists in individual sport disciplines; and approximately $40,000 US for gold, $20,000 US for silver, and $14,000 US for bronze in team competitions. 

Samsung Chief Lee Kun-hee, who sits on the International Olympic Committee, promised a $55,000 US reward, while S-Oil plans to give prize money of $18,000 US to each gold medalist. When a bonus from the Korean Skating Union is included, Park tops the money list among Korean athletes who participated in the latest Games.

Shim Suk-hee, a gold medalist in the women's 3,000-m short track relay, will get a bonus of over $135,000 US, a monthly pension and other rewards including $90,000 US from the Korean Olympic Committee. 

Speed skater Lee Sang-hwa, who defended her Olympic title in the women's 500-m event in Sochi, will collect at least $175,000 US.

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