NOBEL PRIZE WINNERS WILL RECEIVE LARGER CASH AWARD THIS YEAR

STOCKHOLM, SEPTEMBER 18 /SRNA/ – Laureates of the prestigious Nobel Prizes will receive a larger cash award this year after the Nobel Foundation increased the prize from SEK 11 /$1.12 million/ to SEK 12 million /$1.22 million/.

The Nobel Prize cash award is subject to taxation in the United States and many other countries, but it may be exempt from tax if the recipient directs the money to charitable purposes before receiving it. The prizes, named after their founder, Swedish inventor Alfred Nobel, have been awarded annually since 1901, with a few exceptions, in the categories of medicine, physics, chemistry, literature and peace. Sverige Riksbank established the Prize in Economic Sciences in Memory of Alfred Nobel. The laureates are announced at the beginning of October each year, while the awards are presented on December 10 - the anniversary of Nobel’s death - at ceremonies in Stockholm and Oslo, DPA recalls.