A £300,000 'Medallist Reward Scheme' has been set up for Scots athletes competing in the Games.

The initiative is designed to kickstart longer term savings and investment planning for athletes once they retire from their sport.

Michael Cavanagh, Commonwealth Games Scotland Chairman, said: "The Medallists Reward Scheme is designed to give athletes a boost at that financially uncertain time when they make the often difficult decision to give up competing in their chosen sport.

"It aims to recognise the sacrifices they have made to pursue their sporting career over the years and reward their achievements on the Commonwealth stage.

"The scheme has been designed to be a positive investment in our athletes that is affordable, fair and equitable across all 17 sports on the 2014 programme."

Under the scheme athletes will receive the following:

l Gold medallists - up to £10,000

l Silver Medallists - up to £5000

l Bronze Medallist - up to £2500

Delhi 2010 swimming medallist David Carry said: "Funds from the Medallists Reward Scheme really helped me when I stopped competing and it's fantastic to see it being announced again for Team Scotland medallists at Glasgow 2014."

Multiple medallists will be eligible to receive a single award based on their top medal won.

The maximum total per sport is set at £75,000.

The final amount each medal-winning athlete is eligible to receive on 'retirement' will be determined at the end of the Games.

The cash will only be paid out when an athlete finally retires from competition.