Some of the finest innovators, experts and achievers in fields like literature, physics, chemistry, medicine, economics, peace etc. have won Nobel Prize. It is a prestigious award for great people who have made a significant contribution to the above fields. Also the prize money that comes along with this award is quite impressive.
However, according to the latest news Nobel Prize has decided to reduce the prize money by 20%. The reason behind this is the economic hardship that the world is facing today.
In order to organise and arrange the Nobel Prize event every year, huge amount of expenses occur. Slowly this expenditure is taking a toll on the organisers. Hence, they have decided to reduce the amount given as prize.
They are still considering giving $1.1 million prizes to the winners but are under a pressure to reduce it further. Along with this they will receive a medal and a diploma.
Does this mean Nobel Prize is not worth anymore? Considering the fact that it is more about prestige than the cash prize, I am of an opinion that Nobel Prize will still have its worth intact with lesser money or more.