The International Boxing Association (IBA) will offer prize money to all those who become Olympic champions and medalists at the Paris Games, the body announced Wednesday.
The body is not organizing the boxing tournament at the Paris Olympics after it was stripped of recognition by the International Olympic Committee (IOC) last year.
Based on the placings of boxers at the July 26-Aug. 11 Games, the IBA said it will award $100,000 to gold medalists, $50,000 for silver medals and $25,000 for bronze.
The move follows that of World Athletics, which in April announced it would be the first governing body to offer $50,000 in prize money for its Olympic champions, starting in Paris this year.
"Paris gold medalists in the boxing tournament will receive a substantial financial reward of $100,000. Out of this amount, the athlete will receive $50,000, their National Federation will receive $25,000, and their coach will receive $25,000," IBA president Umar Kremlev said in a statement.
"Our athletes and their efforts must be appreciated. The IBA offers opportunities and invests considerably in our boxers, they remain as the focal point, and we will continue to support them at all levels."
Kremlev added that the total prize money fund commitment was worth more than $3.1 million and would be distributed to more than 100 boxers.
"We are setting a clear example for many on how International Federations should be treating their champions," IBA secretary general Chris Roberts said.
"This is real support with real actions, a thing that has become rare in the international sports environment. We are happy to be the lead sport to have this opportunity to support our boxers and reward them for their hard work and dedication."
The IOC decided in June to strip the IBA of recognition over its failure to complete reforms on governance, finance and ethical issues.
The boxing tournaments at the Paris Games are being organized by the IOC, but there are fears it might be excluded from future Games, with the sport not on the initial program for Los Angeles 2028.