KINGSTON, Jamaica – Athletes competing at the 15th IAAF World Championships in Beijing, China, will earn big if they come out on top in their respective events.

Even those who do not medal, will be walking away with cash prizes.

According to a release from the International Association of Athletics Federations (IAAF), there will be a payout of US$7,194,000 in prize money to the leading athletes and teams in the 47 events that will be contested from August 22-30.

IAAF explained that athletes who obtain gold in individual events will be awarded US$60,000, those who are awarded silver will receive US$30,000, and those that place third will receive US$20,000.

Athletes who finish outside the medals in the individual events will also benefit, with fourth place being awarded US$15,000, and fifth, sixth, seventh, and eighth places receiving US$10,000, US$6,000, US$5,000, and US$4,000, respectively.

For relay events, the gold medal-winning team will walk away with US$80,000, while the teams finishing second and third will receive US$40,000 and US$20,000, respectively. Teams finishing fourth will get US$16,000 while the teams that finish fifth, sixth, seventh, and eighth will walk away with US$12,000, US$8,000, US$6,000, and US$4,000, respectively.

This year’s staging of the IAAF’s flagship event will see athletes achieving a world record receiving a special world record bonus worth US$100,000.

“It should be noted that the performance must be an improvement on the existing IAAF world record. Performances which equal the existing record will not be eligible for an award,” the IAAF release said.