The US Open will offer the biggest prize fund in Grand Slam history, with a total of $108 million (£79.2m) on offer, marking a 20% increase over last year.

The singles champions will receive $5.5m (£4.03m) each, a 10% increase from 2025.

First-round losers will take home $140,000 (£102,667), which is $30,000, or 27%, more than last year.

The prize pool includes a $2m (£1.47m) contribution to a welfare fund, which leading players have been demanding from all the Grand Slams.

The four Grand Slam tournaments have also jointly announced the formation of a Grand Slam Player Council. This was another key request from players, some of whom limited media appearances at the French Open and Wimbledon to 15 minutes to highlight their grievances.

Their other main demand is that each Grand Slam dedicate 16% of its revenue to prize money, with that figure rising to 22% by 2030.

It is possible that the US Open has become the first Slam to reach that target, but the US Tennis Association (USTA) has not yet published its 2025 financial statement.

Player representatives have also not seen the figures. However, if you allow for 10% growth to the $559.7m (£410.5m) the US Open generated in revenue in 2024, then prize money of $98.5m would have be in line with player expectations.

The USTA says the financial statement will be published before the start of the main draw.

Chief executive Craig Tiley, who previously headed up Tennis Australia, described the offer as "a significant first step in a multi-year investment in athletes".

In a BBC interview in March, world number three Jessica Pegula highlighted how last year's US Open increase was targeted primarily at those who needed it least -the players who made the second week.

This year, however, the percentage increase is highest in the first round, then falls in every subsequent round.

There are also greater rewards for those competing in the mixed doubles event, which takes place during the qualifying week.

The winners will still share $1m, but there is more for everyone else who enters, with first-round prize money doubled.

Player representatives had asked each Grand Slam to contribute $4m in benefit payments this year. The USTA is the first to ring-fence this money for the players, but it will come out of the overall prize fund.

The money for the new US Open player support programme will be placed in an independent holding account while the details are worked through.

The Grand Slam Player Council will have input into this. It will launch after the US Open "with a focus on player input into sporting matters at the four Grand Slam tournaments".

The exact framework is yet to be decided, but players have been invited to apply and told the council will allow them to discuss specific prize money concerns directly with the Grand Slam in question.

Player representatives "welcomed" the various announcements and noted the "substantial increase" in prize money.

"Players look forward to building on today's positive announcements and ensuring the Council develops into a genuinely representative and effective forum for player consultation, while continuing to work through their representatives on prize money and player welfare," a statement read.

The US Open begins on Sunday, 30 August.