The Nobel Foundation has announced that prize winners will now receive one million Swedish kronor more in prize money this year, bringing the total to $985,000.
This is as the Nobel laureates will be announced from October 2 to 9.
Although there is one million extra cash, it will not be as valuable as it might have been in the past because the Swedish kronor has lost ground against the American dollar and the euro in the last year.
Traditionally, a category like medicine-physiology kicks off the awards, followed by physics, chemistry, literature, peace, and economics.
The prestigious awards were traditionally handed out on December 10, the anniversary of the death of the prize Founder and dynamite inventor Alfred Nobel (1833-1896).
The Nobel Peace Prize is the only one that is not awarded in Stockholm but in Oslo.