June 22 (Bloomberg) -- Toyota Motor Corp., the world's biggest automaker by market value, will increase the total amount of executives' bonuses by 33 percent for the year ended in March after the company posted record earnings.

The automaker will pay a total of 970.5 million yen ($7.8 million) in bonuses to its top 32 executives, including President Katsuaki Watanabe, for the previous fiscal year, it said at its shareholders' meeting.

Toyota's higher bonuses for management contrasts with rival Nissan Motor Co., which scrapped bonuses for its top executives after missing its earnings target. Toyota posted record profits and sales in the year ended March buoyed by strong demand for its fuel-efficient vehicles, especially in the U.S.

``Toyota's executives deserve the increases in payment after what they have achieved,'' said Yasuhiro Matsumoto, a senior analyst at Shinsei Securities Co. in Tokyo. ``By global standard, the amount they are getting is low.''

Toyota's 32 top executives and auditors received 1.5 billion yen in salaries in the 12 months ended March. Nissan paid its top nine executives, including Chief Executive Officer Carlos Ghosn, 2.52 billion yen in salaries.

In comparison, General Motors Corp. Chief Executive Officer Rick Wagoner's total compensation for last year was $10.2 million, the company said in a U.S. regulatory filing in April.

Toyota surpassed GM in first quarter sales of cars and trucks, threatening GM's 76-year reign as the world's biggest automaker.

Toyota shareholders approved eight items on the agenda, including electing North American President Jim Press as the first non-Japanese member of the management board.

Toyota shares fell 0.7 percent to 7,670 yen at 12:38 p.m. in Tokyo.

To contact the reporters on this story: Kae Inoue in Nagoya at kinoue@bloomberg.netTetsuya Komatsu in Tokyo at tekomatsu@bloomberg.net

Last Updated: June 21, 2007 23:41 EDT