Pakistan, Sept. 19 -- Sweden's Nobel Foundation said on Friday it will increase this year's prize money for its prestigious annual awards by 9% to a total value of 12 million Swedish crowns ($1.22 million) in each of the six categories.

"By increasing the prize amount, we uphold the long-term significance of the Nobel Prize and ensure that the financial part of the prize retains its value over time," Hanna Stjarne, executive director of the Nobel Foundation, said in a statement.

Winners of this year's prizes in physics, chemistry, peacemaking, literature, economics and medicine or physiology will be announced between October 5 and October 12, marking the 125th anniversary of the first awards.

Established in the will of Swedish 19th cen...