The United States Tennis Association has reached a five-year agreement with the ATP World Tour and WTA on U.S. Open prize money.

The USTA will provide $50 million in prize money at the U.S. Open by 2017. Additionally, the USTA will increase base prize money for the 2013 Open by an additional $4.1 million above the previously announced increase of $4 million.

Base prize money for this year's U.S. Open will now total more than $33.6 million, a more than $8.1 million increase over the $25.5 million available to players last year.

Also, beginning in 2015 the U.S. Open will conclude on the second Sunday of the two-week event with the men's singles championship. To allow for a day of rest for the finalists, the men's singles semifinals will be played on Friday. The women's singles championship will be played on Saturday, as opposed to the Sunday finish scheduled for this year and 2014.

"We welcome the commitment the USTA has made concerning player prize money at the U.S. Open through 2017," said Brad Drewett, ATP executive chairman and president. "These increases are the largest in the history of the sport, representing a significant step forward in truly recognizing the input the players have in the success of the U.S. Open. We also welcome the decision from the USTA to adopt a schedule with the men's semifinals completed by Friday and the final on Sunday, from 2015 onwards."

"We applaud the USTA's long-term commitment to increased and fair compensation for our athletes," said Stacey Allaster, WTA chairman and CEO.

This year's U.S. Open will be held from August 26 through September 9.