In a memo issued to the employees, Amazon has announced that for the US employees the company will more than double the base pay cap to $350,000, from its previous maximum salary of $160,000. 

According to a report carried out by Reuters, the company is all set to increase the overall compensation range for most jobs globally and the company said the increases were much more "considerable" than in the past.

According to the report, the memo read, “This past year has seen a particularly competitive labour market.” Citing the competitive market, the company also noted that there was a need to survive the competition in order to attract and retain talent. 

For the operations staff in the US, Amazon increased the base wage to more than $18 an hour, against the backdrop of a tight U.S. labour market. The company plans to review the compensation for newly promoted employees at the time of the promotion and offer them in-year stock awards if required, to get them in the new pay range, the memo said.