Pension for Olympic gold medalist raised

Beginning in the coming Sydney Olympics, each of Olympic gold medallists will receive monthly pension of 1 million won instead of the current 600,000 won.

If the medalists want a lump-sum allowance instead of the monthly pension, they will receive 67.2 million won each. The previous amount was 45 million won.

The monthly pension for the silver and bronze medalists was also raised to 450,000 won from 300,000 won and 300,000 won form 200,000 won, respectively.

Those who win gold medal in the Asian Games, Universiad and World Military Sports Meet will be honored with a special allowance of 4.5 million, increased by 50 percent.

The Ministry of Culture and Tourism announced on July 13 that the new formulafor the research pension to improve competitiveness will go into effect beginning Sept. 1.

The ministry set the upper limit of the research fund at 1 million won, so pension for those who win two or more gold medals is also 1 million won.

But, such sportspersons are given special lump-sum allowances besides the monthly pension, as their points are accumulated.

One Olympic gold medal is given 90 points and those who win more Olympic golds will be given 5 million won per 10 points in encouragement money and those who get golds in other sports meets will receive 1.5 million per 10 points.

The ministry has also decided to launch various programs to help national players advance into society after their retirement. They include offering of scholarship to those who go to the graduate school or go abroad for study.