The decision was made during the ICC Annual Conference held in Durban.
The decision was made during the ICC Annual Conference held in Durban, South Africa, marking a significant milestone in ICC's endeavor to achieve prize money parity by 2030, surpassing the predetermined timeline for the same.
Teams will now receive equal prize money for finishing in similar positions at comparable events as well as the same amount for winning a match at those events.
"This is a significant moment in the history of our sport and I am delighted that men’s and women’s cricketers competing at ICC global events will now be rewarded equally," ICC Chairman Greg Barclay said in a statement released by ICC.
“Since 2017 we have increased prize money at women’s events every year with a clear focus on reaching equal prize money and from here on in, winning the ICC Women’s Cricket World Cup will carry the same prize money as winning the ICC Men’s Cricket World Cup and the same for T20 World Cups and U19s too.
“Cricket is genuinely a sport for all and this decision from the ICC Board reinforces that and enables us to celebrate and value every single player’s contribution to the game equally,” he added.
The ICC Board also confirmed the largest ever investment into the sport after the distribution model for the next four years was agreed upon. Every ICC Member will receive significantly enhanced funding with a strategic investment fund ring-fenced to drive global growth initiatives in line with the ICC Global Growth Strategy.
The Chief Executives' Committee has approved changes to Test cricket's over-rate fines in order to achieve a balance between the necessity of preserving over-rates and providing equitable compensation for players.
Under the new rules, which will take effect at the start of the current World Test Championship cycle, players will be fined 5 per cent of their match fee for each over that falls short, with a maximum penalty of 50 per cent.
Notably, if a side is bowled out before reaching the 80-over mark and the new ball has not yet been delivered, there will be no over-rate penalty enforced, regardless of any prospective delays. This amendment replaces the previous requirement of 60 overs.
“The ICC World Test Championship has injected renewed energy into Test cricket giving it compelling context," ICC Men’s Cricket Committee Sourav Ganguly said in an official statement released by ICC.
"In the last edition we only had 12 draws in 69 matches, and we want to ensure that trend continues whilst we’re giving fans the best value for money and keeping over-rates up. The Men’s Cricket Committee felt strongly that over-rate penalties in the form of WTC points deductions should remain but recommended that players should not have 100 per cent of their match fee at risk. We believe this provides a balance between maintaining over-rates and ensuring we are not deterring players from playing Test cricket," he added.
(With ICC Inputs)