The International Boxing Association has announced that it will offer prize money to all Olympic champions and medallists at this year's tournament in Paris.
The organisation was stripped of its recognition by the International Olympic Committee last year and will not be hosting boxing events at the Paris Olympics.
The IBA said it would award $100,000 (A$151,000) for gold medals, $50,000 (A$75,000) for silver medals and $25,000 (A$38,000) for bronze medals based on boxers' rankings at the Olympics, which ran from July 26 to August 11.
The move follows World Athletics announcing in April that it would become the first governing body to offer a $50,000 prize to Olympic winners, starting with this year's Paris Games.
“The gold medallist in boxing at the Paris Games will receive a huge prize of $100,000,” IBA president Umar Kremlev said in a statement.
“Of this amount, athletes will receive $50,000 (A$75,000), national federations will receive $25,000 (A$38,000) and coaches will receive $25,000 (A$38,000).”
“Our fighters and their efforts should be recognised. The IBA has given opportunities to our boxers and invested heavily in them. They remain at the core and we will continue to support them at all levels.”
Kremlyov added that the total prize money would be more than US$3.1 million (A$4.6 million), to be split among more than 100 boxers.
“We are setting a clear example to many people as to how an international federation should treat its champions,” IBA Secretary General Chris Roberts said.
“This is real support in action and is becoming rare in international sport. We are pleased to be the leading sport with the opportunity to support our boxers and reward their hard work and dedication.”
The IOC decided in June to strip the IBA of its recognition for failing to complete reforms on governance, finances and ethics.
The boxing events at the Paris Games will be organised by the IOC.
