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Staff Reporter
South Korean medalists from the 2010 Vancouver Winter Olympics have enshrined themselves into the pantheon of the nation's great athletes.
And while smelling the rarefied air, they have also hit the jackpot with the pension and bonus money that go along with winning medals at the quadrennial sports festival.
South Korea's gold medalists - long-track speed skaters Lee Sang-hwa and Mo Tae-bum and short tracker Lee Jung-su - will receive a monthly pension of 1 million won ($871) for 60 years.
According to Korea Sports Promotion Foundation (KSPF) policy, an Olympic gold medalist can earn 1 million won a month along with 90 pension points, while silver and bronze winners can make 450,000 won (30 points) and 300,000 (20), respectively.
One million won is the maximum one athlete can earn per month, regardless of the number of medals he or she wins. An athlete who reaches 110 pension points will also earn a million per month, regardless of whether that athlete won a medal.
Also, once athletes surpass 110 points, they receive one-time bonuses dependant on what color of medal they win.
If an athlete wins a gold medal, they receive 5 million won for every 10 points over 110, or 1.5 million won for a silver or bronze.
For example, Lee Sang-hwa already had 30 points before the Olympics began. He gold medal vaulted her up to 120 points, and earned her 5 million won.
Mo's gold medal brought him to 115 points. His silver medal Wednesday earned him an extra 4.5 million won - 1.5 million won for every 10 points above 110.
Lee Jung-su had 20 points entering the Games and has now reached 110. He is now eligible for the full pension and will earn bonuses on any subsequent medal he wins.
Long-track speed skater Lee Seung-hoon, who won silver in the men's 5,000 meters, added 30 points to reach 132, earning him 3 million won.
In addition to the pension and the bonuses, the medal winners will take a big wad of cash from the government and IOC member and former Samsung Chairman Lee Kun-hee.
The government promised 40 million won for each gold medal, 20 million won for a silver and 12 million won for a bronze. Lee has said he'll add half of what the government gives (prizes of 20, 10 and six million won).
ksw@koreatimes.co.kr
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