Olympics bonuses tailored to prevent squandering

By Martin Petty

BANGKOK (Reuters) - Thailand is offering its athletes big cash incentives for Olympic gold medals -- but will pay out in installments to stop them squandering it.

Gold medalists will earn 10 million baht ($314,000), silver medal winners will take six million baht, while a bronze is worth four million baht -- sizable sums in a country where the minimum wage is just 203 baht ($6) a day.

However, half of the money will be paid over a 20-year period to prevent Thai Olympians, many of whom are from poor backgrounds, from frittering it away.

"We don't want them to spend it all at once, they might need this money when they get old," Thai Olympic committee member Charoen Wattanasin told Reuters.

"We will give it to them every month. Most of them manage their finances but there have been a few bad examples in the past."

Thai Olympic chiefs decided to stagger the payments after several cases of athletes finding instant fame and blowing their money on gambling and expensive party lifestyles.

In 2004, boxer Manus Boonjumnong famously squandered the $600,000 his Athens Olympics gold medal earned him on card games, soccer betting and excessive partying.

His pregnant wife left him and his coaches sent him overseas in a penniless state to help resurrect his career. Manus, who insists he is now a reformed character, is favorite to win again in Beijing.