Change in Prize Structure

Posted by basil on January 22nd, 2010 Filed in Announcement, Prizes

Hello fellow CodeCheffers,

In an attempt to motivate and encourage more people to participate and showcase their skills in our monthly contests, based on the feedback from several CodeChef winners, we have decided to reward more number of participants starting this February. To start with, we are doing this only for Indian participants.

So, we’re glad to inform you that we will now be rewarding the top 20 participants in India! The prize structure will be as follows:

Position	Prize
1st	Rs. 10,000
2nd	Rs. 7,000
3rd	Rs. 5,000
4th	Rs. 4,000
5th	Rs. 3,500
6th-10th	Rs. 2,500 each
11th-15th	Rs. 1,500 each
16th-20th	Rs. 1,000 each

Note: All prizes above Rs.5000 will be taxed at 30%. TDS certificates will be issued at the end of the financial year.

At CodeChef we’re always looking to improve, and for this very reason we give a lot of importance to the feedback we receive. Please feel free to suggest any changes or voice any concerns that you may have.

We’re very excited about the new prize structure and hope that you all are as well.

Cheers,
Team Codechef

gumnam

this is a very good change in prize structure ,during this change more student will be participating in codechef

jitendra

i thinke.. it should be applicable for us prize also ,

Suhash Venkatesh

It s really good!!! I m sure the submissions on the challenge problem will increase drastically !!!! :)

Vaibhav

Nice idea, should encourage competition at lower ranks also! Quick question though, are prizes below Rs 5000 taxed as well? If not, and going by the 30% tax rate, wouldn't that imply that finishing 4th is (monetarily) better than finishing 3rd? :)

CodeChef

Hi Vaibhav,
Nice catch, and you're right in the short run it may seem that way. However, since we will be providing TDS certificates to all the winners at the end of the financial year(June), they will be able to redeem the taxed amount then. : )

ajaysomani

Usually claiming tax refund is easier said than done. But then ofcourse, you're doing the correct thing by law :).

Vaibhav

Ah, nice. Thought there had to be a catch. :)

balajiganapath

What will happen in case of a tie??

CodeChef

In the case of a tie, the amount will be distributed evenly amongst the same rank holders.

Pankaj Shah

"In the case of a tie, the amount will be distributed evenly amongst the same rank holders."

But on the contest page it says -
In the unlikely case of an overall tie (including the same score on the tie-breaker) a winner will be randomly chosen from the top scorers.

Please tell, since i will have to spend more time to get some money.
Also good news for not-so-good coders.

Aniruddha

The money will be distributed evenly, not randomly.

Pratik

Will there be regular shorter online contests like online Snackdown events?

CodeChef

We will try to have shorter contests on a regular basis.

Pankaj Kumar

now there will be chance for new programmer to show there skill

CodeChef

Thanks guys. It's great to see your enthusiasm!

Abhishek Kumar Singh

woww, really excitement change in prize structure............ :)

Uday

Definitely for the better !!!
Was hoping for something like this !!!

ajaysomani

I'm bound to ask, in the unlikely scenario when an Indian comes in top 3 overall, what would you give them, Indian prize or Overall prize ? :)

balajiganapath

why should an Indian coming in the top 3 be an 'unlikely scenario' ? :)

CodeChef

As long as you are participating from India, you will receive prizes as per the Indian prize structure. They will be maintained as two separate categories.

Abhijith

Awesome :)

RedAnt

Awesome.. was hoping for something like this since CodeChef started .
Thank you :)

idleheads

Very Very excited in fact was waiting to see such change

rosyish

Ya definitely excited !!

RosyIsh

Ya definitely excited !!

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