The 2016 US Open participants will get a boost to their bank balance

Prize money is going up for the final Grand Slam event of 2016

US Open, tennis, Novak Djokovic

Novak Djokovic, of Serbia, holds up the championship trophy after defeating Roger Federer, of Switzerland, in the men's championship match of the U.S. Open tennis tournament, Sunday, Sept. 13, 2015, in New York. (AP Photo/Seth Wenig)

This year's US Open tennis will hand out more prize money to players than ever before.

The winners of both the men's and women's singles will earn just over €3.1 million each.

In total, the pot will rise to just under €41.9 million, which represents a 10% increase on 2015.

The tournament begins on the 29th of August.

Novak Djokovic is the reigning men's champion, while Flavia Pennetta is last year's women's champion, although she has since retired.