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Nobel Prize Reduces Prize Winners' Cash Amount
Issue 25, June 17, 2012
BBC NEWS, EUROPE
June 11, 2012: 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 prizewinners 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.
