Nobel Prizes to carry greater cash value this year
STOCKHOLM: Winners of the coveted Nobel Prizes will receive more prize money this year after the Nobel Foundation bumped up the award from 11 million Swedish kroner (US$1.12 million) to 12 million (US$1.22 million), reported German Press Agency (dpa).
The prestigious Nobel Prizes will see an increase in prize money this year, according to the Nobel Foundation. The award, previously set at 11 million Swedish kroner (US$1.12 million), has been raised to 12 million (US$1.22 million). This decision, reported by German Press Agency (dpa), brings more financial rewards to the laureates.
It's important to note that Nobel Prize money is subject to taxation in various countries, including the United States. However, winners have the option to make the money tax-free if they assign it directly to charity before receiving it.
The Nobel Prizes, named after their founder and Swedish inventor Alfred Nobel, have been awarded annually since 1901, with only a few exceptions. These awards are given in the categories of medicine, physics, chemistry, literature, and peace. In addition to the aforementioned prizes, Sweden's central bank, the Reichsbank, has established a prize in economic sciences in honor of Alfred Nobel.
Award announcements are made in early October each year, and the actual ceremonies take place on December 10 - the anniversary of Nobel's death - at Stockholm and Oslo.
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