The winner of this year's edition will receive $485,000, which is nearly a $100k increase over that of the previous 2000 season.
Since the European Tour's partnership with Volvo - the tour's main sponsor - in 1988, the total available prize money for the championship has gone up nearly 750% (total prize money in '87 was but $391,000).
Said Executive Director Ken Schofield of this season's raise: 'This significant increase places the Volvo PGA Championship, like the Volvo Masters, within reasonable and acceptable reach of the four major championships and three World Golf Championships.'
The Volvo PGA Championship will be played from May 25-28 at the Wentworth Club in Surrey, England. Colin Montgomerie is the defending champion, and is looking for a record fourth win at the event. He has already taken the title three times in previous years, joining the likes of Nick Faldo, Peter Alliss and Bernhard Langer as three-time champions.
Be sure not to miss all four days of the event, only on The Golf Channel!
Click here for more news headlines!