The total prize money of the 2015 World Cup would be $10 million, an increase of nearly 20 percent over the previous edition of the tournament four years ago, according to the International Cricket Council (ICC) Board, which also decided to use the Decision Review System (DRS) in all 49 matches of the tournament.
An unbeaten path to winning the Cup will fetch the victorious team $4,020,000 while a defeat in their way to lifting the trophy will mean a depleted purse of $3,975,000.
The winners of the next year's mega event, starting Feb 14, will receive $3,750,000, up from $3,250,000 in 2011 while the runners-up will collect $1,750,000 in comparison to $1,500,000.
The two losing semi-finalists will each get $600,000. In 2011, the two losing teams received $500,000.
The board also expressed satisfaction with the preparations for the upcoming mega event, to be hosted by Australia and New Zealand and decided to use the DRS in all 49 matches of the tournament with reserve days kept for the knock-out phase matches only.
It was also decided that Super Over won't be used in tied matches in the knock-out phase. In case of a tied quarter-final and semi-final, the side finishing in the higher position in the group stage will progress. If the final is tied or if the match is a no-result, then the teams will be declared joint winners.
The board also approved cut-off dates for qualification to the 2017 Champions Trophy 2017 and the 2019 World Cup.
It was decided the top eight sides on the One-Day International (ODI) rankings as of Sep 30, 2015, will qualify for the Champions Trophy, to be hosted by the England and Wales Cricket Board (ECB).
The cut-off date for the 10-team 2019 World Cup, also to be held in England and Wales - was set for Sep 30, 2017.
The top eight ranked sides on that date will automatically qualify for the 2019 edition of the event, while the ninth and 10th ranked teams will play in the qualifiers to be held in Bangladesh in 2018.
The meeting Monday also saw the acceptance of the Pakistan Cricket Board's (PCB) nomination of Najam Sethi, former chairman of PCB, for the ICC Presidency.
Sethi's nomination will be ratified by the general council at the 2015 annual conference, following which he will take over from Mustafa Kamal as the president for a period of 12 months.
