Amazon.com Inc. plans to more than double its base pay cap to $350,000, from its previous maximum salary of $160,000 for U.S. employees, according to a company memo.

The e-commerce giant will increase the overall compensation range for most jobs globally and the company said the increases were much more "considerable" than in the past.

"This past year has seen a particularly competitive labor market," according to the memo, which added that there was a "need to remain competitive for attracting and retaining top talent."

Last year, Amazon increased its average starting wage for operations staff in the United States to more than $18 an hour, against the backdrop of a tight U.S. labor market.

Amazon will review the compensation for newly promoted employees at the time of promotion and give in-year stock awards, if required, to get them in the new pay range, the memo said.

The news was first reported by Insider.