Track and field gold medallists at the Olympic Games in Paris this summer will each receive $50,000 (€46,000) in prize money.
World Athletics announced the $2.4million (€2.2m) prize pot on Wednesday morning in a move which makes it the first international sport federation to award prize money at an Olympics in the 128-year history of the modern Games.
The global governing body said the initiative also included a "firm commitment" to extend the prize money to silver and bronze medallists at the Los Angeles Games in four years' time.
Relay medallists will split the $50,000 dollar prize across the team, World Athletics said.
"The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games," World Athletics president Sebastian Coe said.
"This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport."
Coe said he was confident the International Olympic Committee would "share in the principle" of track and field gold medal winners earning prize money in Paris – but admitted his organisation had not discussed the historic move with the IOC.
Coe said World Athletics chief executive Jon Ridgeon had given the IOC the heads-up about the announcement on Wednesday morning but confirmed the initiative had not been discussed with the IOC in advance.
Asked whether that approach should be seen as surprising, Coe said: "I don’t think so. It’s a matter for the sport.
"The one thing the International Olympic Committee has consistently recognised – and they’re right to – is the primacy of international federations to fashion their own futures.
"I don’t believe this is remotely at variance with the concept that the International Olympic Committee often talks about, which is recognising the efforts that our competitors make.
"I am hoping the IOC would share in this principle, given their avowed commitment to make sure that revenues raised through the Olympic Movement find their way back onto the front line. I think they make the point that 80% or 90% goes back."
The IOC has been contacted for comment.
Some of the early social media reaction to World Athletics’ announcement was that the concept of prize money ran counter to the Olympic spirit of amateurism.
Coe said he had "no concern" in that respect, adding: "Introducing prize money for gold medallists acknowledges that the athletes are the reason that billions of people watch the Games and why it attracts such high revenues.
"I am probably the last generation to have been on the 75 pence meal voucher and second-class rail fare competing for my country.
"I do understand the nature of the transition we’ve been in and we’re now operating in a completely different landscape, a completely different planet, from when I was competing.
"So it is very important that this sport recognises the change in that landscape and the added pressures on competitors."
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