Pakistan can pick up approximately US$1.2 million in bonuses if they win the World Cup in the West Indies, the PCB said.
The board said each player in the 15-member squad would be paid a bonus of five million rupees (43,000 pounds) if they won one of cricket's biggest prizes.
"This is a move to provide some incentives for the players. Even if they make the semi finals they will get 2.5 million (21,400 pounds) each," Saleem Altaf, director PCB, was quoted as saying on Reuters.
If they get as far as the semi-finals, a bonus of $20,000 awaits the players.
"The World Cup is a mega event and if they win it they deserve the rewards," Altaf said.
At a reception on Saturday the chief patron of the board, president Pervez Musharraf, reminded the players of the country's high expectations. "The President is a big fan of cricket and he wanted to meet the players to give them a boost," Altaf added.