The Nobel Peace Prize was cut in bonuses because of the economic crisis

This year's Nobel Peace Prize winners will receive less bonuses than in previous years, after the cut decision was announced yesterday.

According to the Nobel Organization's announcement, the prize money for the 2012 Nobel Peace Prize will be cut by 20% and the economic crisis is the cause of this move.

Nobel medal

The organization said the capital gains did not increase at the same rate as the costs, so future winners would receive $ 1.13 million.

'At a meeting on June 11, the board of the Nobel Foundation decided that the award of the 2012 Nobel Peace Prize was 8 million Swiss kronor ($ 1.13 million),' the committee said in An announcement.

This means that this year's Nobel Peace Prize will not be 10 million kronor ($ 1.4 million) as in previous years.

The Nobel Prize is awarded annually to individuals with outstanding achievements in the fields of Medicine, Physics, Chemistry, Literature, Peace and Economics.

Each award receives a certificate, a medal and a bonus.

The Stockholm-based Nobel organization also said it would cut administrative costs and congratulate this year.