Prize money for the Samsung Ho-Am Awards will rise by nearly double from next year. The Hoam Foundation said on Tuesday it will increase the per-category prize for Samsung Ho-Am Awards winners to 500 million won from the current 300 million won starting in 2027. Total prize money across the six categories will expand to 3 billion won from 1.8 billion won.

The increase will apply from the 37th awards in 2027, marking the 40th anniversary of the death of Samsung founder Lee Byung-chul (이병철), known by the pen name Hoam. The Samsung Ho-Am Awards were established in 1990 by the late chairman Lee Kun-hee (이건희) to honor Lee Byung-chul's spirit of putting talent first and serving the public good. The awards comprise six categories: Science, Physics and Mathematics; Science, Chemistry and Life Sciences; Engineering; Medicine; Arts; and Social Service. Each year, they honor Koreans who have achieved outstanding results in scholarship, the arts and the advancement of human welfare.

The Hoam Foundation has produced a total of 188 laureates from the first awards in 1991 through the 36th awards this year, and has awarded a cumulative 37.9 billion won in prize money. More recently, Samsung Ho-Am Awards laureates have received globally prestigious awards such as the Nobel Prize and the Fields Medal in succession, raising the awards' credibility on the international stage.

Hoam Foundation Chairman Kim Hwang-sik (김황식) said, "I hope this prize increase will lead to active nominations of outstanding candidates who achieve global accomplishments and are active across all parts of society." He added, "I also hope more excellent talents who quietly devote themselves to research and creative work at home and abroad, and who practice a noble spirit of service, will become better known in our society."

The Hoam Foundation will accept nominations for the 37th Samsung Ho-Am Awards until the end of October this year. Winners will be announced in April 2027 after step-by-step expert reviews in and outside South Korea, and the awards ceremony will be held in June that year.