Some top Walmart managers will now make as much as $620,000 annually as part of a broader pay raise from America’s biggest retail chain.

Walmart said it will increase base salary, stock grants, and bonus pay for around 440 market managers who each oversee multiple retail locations.

Walmart is increasing pay, bonus and stock awards for market managers that can bring their total annual compensation to more than $600,000, the retailer told Axios Thursday. Why it matters: It's the latest move by the nation's largest private employer and retailer to retain and reward employees.