Now that we’re halfway through the Paris Olympic Games, stakes are high and crowds at the stadium are reaching fever pitch. As for Malaysians, many are placing hope in the national team to bring back the first gold medal that has eluded the country.
Since its participation in the Olympic games around seven decades ago, Malaysia had in total garnered eight silver medals and five bronze medals for sports including badminton, cycling and diving. For Paris Olympics 2024, Malaysia has fielded 26 athletes across various disciplines including badminton, cycling, archery, diving, swimming, sailing, golf and shooting.
In a bid to reach the goal of clinching a gold medal at the Olympics, the Malaysian government has allocated RM72 million to boost athlete training programmes and preparations as part of the ‘Road to Gold’ initiative.
Athletes who win a gold medal at the games will also receive a cash bonus and lifetime monthly payouts, making Malaysia the fourth country with the highest bonus reward for a gold medal win, according to Forbes. Hong Kong ranked first for the highest gold medal bonus at US$768,000 (around RM3.4 million), followed by Israel at US$275,000 (around RM1.2 million).
Cash Bonus For Olympic Medallists
Malaysian athletes who win a gold medal at the Paris Olympics 2024 will receive a cash reward of RM1 million from the Ministry of Youth and Sports Malaysia through the Sports Victory Prize Scheme.
Silver and bronze medallists will also be awarded cash bonuses of RM300,000 and RM100,000 respectively.
In addition, gold medallists will also be eligible to get monthly payouts of RM5,000 throughout their lifetime via the Olympic Fixed Remuneration Scheme. Silver and bronze medallists will also receive monthly payouts of RM3,000 and RM2,000 throughout their lifetime.
| Medallist | Gold | Silver | Bronze |
| Cash reward | RM1 million | RM300,000 | RM100,000 |
| Monthly payouts | RM5,000 per month | RM3,000 per month | RM2,000 per month |
Cash And Car Await Olympic Medallists
On top of that, the Ministry of Youth and Sports had also announced that a combined cash reward of RM2 million awaits the Paris Olympic 2024 gold medallist, sponsored by companies Yinson Holdings, Matrix Concepts Holdings and MJ Health Screening Centre.
Should there be more than one gold medallist, the reward will be shared evenly among all gold medallist winners.
Cherry Malaysia will also be awarding Olympic medallists a car from their brand, with the gold medallists taking home a Tiggo 8 Pro SUV. Meanwhile, silver medallists will get an Omoda E5 and bronze medallists will drive home a Tiggo 7 Pro.
According to recent news reports, Grab Malaysia is also offering food vouchers and points to Olympic medal winners. Specifically, all medal winners will receive one-year worth of free GrabFood vouchers. Gold medallists will also get one million GrabRewards points. Silver and bronze medallists will be awarded 500,000 and 300,000 reward points respectively.
The Malaysian Olympic Dream
The Olympic gold medal is one of the highest accolades in the world of sports. Since Malaysia’s Olympic journey started, the country’s national athletes had come close to clinching a top spot, with several silver medals under their belts.
To motivate national athletes further, the Malaysia government is offering a high cash reward to athletes who win the first gold medal at the Olympic Games, which remains the ultimate goal of athletes in the country.
Read Also: Why Do Countries Go Into Debt To Host The Olympics?
Follow Us On Telegram & Instagram!
Join our Malaysia Telegram channel (@dollarsandsensemy) and follow our Malaysia Instagram Page (@dnsmalaysia) as we bring you the latest finance content in Malaysia!
