Which employees can earn up to $400,000 at Walmart without needing a college degree?

After being criticized for decades by labor groups for paying out low wages, Walmart in recent years has been making its salaries more competitive in efforts to retain their employees in a tight labor market.

The giant retailer recently announced that it will increase its minimum wage from $12 to $14 an hour. This will benefit many people, as the store is the largest employer in the United States, with 1.6 million workers in the country.

Walmart store managers set for a hefty payday

Though this salary hike is good news for many, Walmart’s store managers have even more cause to celebrate. The company said that Supercenter managers can now make up to a total of $400,000 per year.

Walmart will be giving up to $20,000 in stocks each year to store managers, making them in effect part owners of the company. This stock benefit comes on the heels of a considerable increase in the average base pay of managers from $117,000 to $128,000 per year.

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Walmart managers can make close to half a million dollars annually

Managers are also given the chance to earn up to 200% of their basic salary in the form of annual bonuses, depending on how their stores perform. This means they can earn up to $256,000 in a year on top of their $128,000 base pay. After throwing in the $20,000 yearly stock grant, this comes out to a maximum income of $404,000.

This career path is open to almost any of Walmart’s workers, as the position of store manager does not require a college degree. According to the retailer, it takes about five years for an employee to advance from an entry-level position to a management post. The company adds that 75% of its managers began their career at the store as hourly employees.