Lewis Hamilton finally signed a three year extension contract with Mercedez at improved financial terms which will see him earn around £20.9 million (that is $31 million USD) a year in basic salary with extensive incentive based bonuses like wining grand prix races and formula 1 world championship.
The deal was confirmed on wednesday, 20th May 2015 before the start of Monaco grand prix. There is not much of improvement in the basic salary but the bigger increase is incentive based for winning grand prixs and World Championship title.
| CONTRACT LENGTH | BASIC SALARY | RACE WIN BONUS | F1 TITLE BONUS |
| 3 Years (expected) | £20.9 Million ($30m) | £750,000 | £5m |
The new contract will make Lewis Hamilton third highest paid formula 1 driver behind Sebastian Vettel and Fernando Alonso. Vettel signed a 3 year deal with Ferrari where he will be pocketing £33.7 million guaranteed regardless of the results and than £20.4 million a year for next two seasons plus performance bonuses.Fernando Alonso on the other hand signed a 3 year deal with McLaren & Honda where he will be pocketing £27 million a year depending on his performance with the team.
| NO# | DRIVER | BASIC SALARY | MAX BONUS |
| 1 | Sebastian Vettel | £33.7m guaranteed first year & £20.4 a year afterwards | £7m |
| 2 | Fernando Alonso | £27m a year guaranteed | no bonus |
| 3 | Lewis Hamilton | £20.9m | £10 million |
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