Walmart will now pay more than $600,000 a year to some of its top managers, report says

New York’s Staten Island — In what is reportedly a widespread salary increase for senior staff members within the retail giant, some of Walmart’s top regional managers will now earn up to $620,000 a year.

Market managers who are in charge of around a dozen stores are the ones who are getting these pay increases, according to the Wall Street Journal, which was the first to report on the changes. According to a Walmart representative, their overall compensation, which includes incentives and stock awards, will rise from $320,000 to $420,000 on the low end and from $570,000 to $620,000 on the high end.

The market manager position’s base compensation is increasing by about 25% to $160,000, with bonuses and stock grant increases covering the remaining amount.

The market manager position is essential to our business and to meeting our customers’ needs regardless of how they purchase, a Walmart representative told CNN in a statement.

The company’s website states that midlevel management positions entail moving between locations to oversee employees, check inventory, and respond to client complaints. Over 400 market managers are employed by Walmart, and they are in charge of about 4,600 stores nationwide.

Walmart has previously increased store managers’ salaries by a substantial amount. Last year, the retailer increased store managers’ salaries to $128,000 annually and offered bonuses of up to 200% of their base pay. Employee earnings increased to $400,000 or more as a result of those wage increases.