The International Cricket Council (ICC) on Monday announced a staggering increase in the prize money for the tournament set to be staged in India and Sri Lanka.

The 13th edition of the women’s showpiece 50-over tournament will begin on Sept 30. Pakistan is set to play its matches in Sri Lanka following India’s refusal to travel to Pakistan for the Champions Trophy earlier this year, which resulted in a “hybrid model” being decided upon.

The overall prize money at the eight-team marquee tournament totals $13.88 million — a monumental rise of 297 per cent from $3.5m at the last edition held in New Zealand in 2022, ICC said in a statement.

The total prize pot eclipses that at the ICC Men’s Cricket World Cup from two years ago in India, which had total prize money of $10 million.

“The announcement aligns with ICC’s strategy to amplify the growth of women’s cricket and a decision to introduce pay parity was announced ahead of the ICC Women’s T20 World Cup 2024,” ICC said.

The winners of the 13th edition of the Women’s Cricket World Cup will receive prize money of $4.48 million — a 239pc increase from the $1.32m awarded to Australia in 2022.

“Meanwhile, the runners-up will receive $2.24m, an increase of 273pc in comparison to the $600,000 England won three years ago. The two losing semi-finalists will take home $1.12m (up from $300,000 in 2022) each.

Each group stage participant is guaranteed to earn $250,000 while each group-stage win will get the victors $34,314.

In the second half of the final table, the teams finishing fifth and sixth will take home $700,000 each and those in seventh and eighth place will earn $280,000.

“This announcement marks a defining milestone in the journey of women’s cricket,“ ICC Chairman Jay Shah said.

“This four-fold increase in prize money is a landmark moment for women’s cricket and reflects our clear commitment to its long-term growth.

“Our message is simple, women cricketers must know they will be treated on par with men if they choose this sport professionally.

“The uplift underscores our ambition to deliver a world-class ICC Women’s Cricket World Cup and to inspire the next generation of players and fans.

“Women’s cricket is on a remarkable upward trajectory, and with this step we are confident the momentum will accelerate.

“We call upon all stakeholders, fans, media, partners, and Member Boards, to join us in championing the women’s game and ensuring it receives the recognition and respect it deserves.”