Nobel prize money cut in austerity bid
Source: Agencies |
June 12, 2012, Tuesday
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Print Edition
Print Edition
THE prize money given to Nobel laureates is to be cut by a fifth, the foundation behind the prestigious awards said yesterday, after a decade of overspending.
The Nobel Foundation said the money for the awards, given for excellence in the fields of science, literature and peace, would fall to 8 million Swedish crowns (US$1.12 million).
The capital that forms the base for the awards was donated in the will of dynamite inventor Alfred Nobel and is managed by the foundation, which was set up in 1900.
The foundation said in a statement costs had exceeded returns from interest and investments on the capital over the past decade, making it necessary to lower the prize money from the previous 10 million crowns. "It is the Nobel Foundation that is responsible for the prize money remaining at a high level over the long run," said Chief Executive Lars Heikensten.
The Nobel Prize celebrations take place every December in Stockholm and Oslo.
The Nobel Foundation said the money for the awards, given for excellence in the fields of science, literature and peace, would fall to 8 million Swedish crowns (US$1.12 million).
The capital that forms the base for the awards was donated in the will of dynamite inventor Alfred Nobel and is managed by the foundation, which was set up in 1900.
The foundation said in a statement costs had exceeded returns from interest and investments on the capital over the past decade, making it necessary to lower the prize money from the previous 10 million crowns. "It is the Nobel Foundation that is responsible for the prize money remaining at a high level over the long run," said Chief Executive Lars Heikensten.
The Nobel Prize celebrations take place every December in Stockholm and Oslo.
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