(CNN) Wimbledon may be tennis' oldest grand slam tournament, but its latest boost to prize money shows it's moving with the times.

This year's winners of the men's and women's singles competitions will pick up $3.06 million (£2.35 million) each as part of an 11.8 percent increase in the overall pot from $44.2 million (£34m) to $49.4 million (£38m).

Even losing qualifiers or losers in the first three rounds will benefit from a $13,000 (£10,000) raise to their cheques.

Last year, champions Novak Djokovic and Angelique Kerber pocketed $2.93 million (£2.25m) for winning the tournament.

The US Open remains tennis' richest payday, with Flushing Meadows handing out $3.89 million (£2.99m) to the singles champions.

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