Cape Town - The International Cricket Council (ICC) announced that next month's ICC Champions Trophy will carry a total prize money of $4.5 million (R60 million).
The winner of the eight-team tournament is expected to take home a cheque of $2.2 million (R29 million).
The eighth edition of the tournament sees an increase of $500 000 in prize money from the 2013 edition, which was also played in England.
The runner-up of the tournament will get a cheque of $1.1 million (R14.5 million), while the other two semi-finalists will earn $450 000 (R6 million) each.
Teams finishing third in each group will take home $90 000 (R1.2 million) each, while the teams finishing last in each group will get $60 000 (R800 000) each.
South Africa won the inaugural ICC tournament in Dhaka, Bangladesh in 1998, when it was known as the ICC Knock-Out.
Skipper AB de Villiers and his charges are in Group B alongside India, Sri Lanka and Pakistan.
The Proteas kick off their ICC Champions Trophy campaign against Sri Lanka on Saturday, June 3 at The Oval in London.
Proteas' Champions Trophy schedule:
Saturday, June 3 - Sri Lanka v South Africa, The Oval
Wednesday, June 7 - Pakistan v South Africa, Edgbaston
Sunday, June 11 - India v South Africa, The Oval
Wednesday, June 14 - First semi-final (A1 v B2), Cardiff
Thursday, June15 - Second semi-final (A2 v B1), Edgbaston
Sunday, June 18 - Final, The Oval
Monday, June 19 - Reserve day
Proteas' ICC Champions Trophy squad:
Hashim Amla (Cape Cobras), Quinton de Kock - wicketkeeper (Titans), Faf du Plessis (Titans), AB de Villiers - captain (Titans), JP Duminy (Cape Cobras), David Miller (Knights), Chris Morris (Titans), Wayne Parnell (Cape Cobras), Andile Phehlukwayo (Dolphins), Kagiso Rabada (Highveld Lions), Imran Tahir (Dolphins), Dwaine Pretorius (Highveld Lions), Keshav Maharaj (Dolphins), Farhaan Behardien (Titans), Morne Morkel (Titans)