Nobel Prize reduces prize winners' cash amount
- 11 June 2012
- From the section Europe
Nobel Prize winners are to receive a smaller cash sum in future, after a cut to prize winnings was announced.
The Nobel Foundation said the economic crisis was to blame for the move, which will see a 20% cut in prize money.
The foundation said the returns on its capital had not grown at the same rate as its costs, and that future winners would receive $1.1m (£700,000).
The money that prize winners are awarded with was donated by the chemist Alfred Nobel in his will.
Winners receive a diploma and a medal, as well as the cash.
The Nobel Foundation, which is based Stockholm, said it would also cut administration and celebration expenses this year, according to Reuters.