In a statement Wednesday, the South African Sports Confederation and Olympic Committee also offered incentives of 200,000 rand (about $25,000) for silver medals and 80,000 rand (about $10,000) for bronze.

Tubby Reddy, chief executive officer of the country's highest sports body, says winning an Olympic medal is "a huge achievement and something to be cherished for life," but should also be compensated financially because of the sacrifices athletes make.

South Africa won one medal in Beijing, a silver in the men's long jump.

(For more sports news and updates, follow Ahram Online Sports on Twitter at @AO Sports and on Facebook at AhramOnlineSports)