Former Google CEO Eric Schmidt smiles during an interview with Reuters at Google's headquarters in Buenos Aires March 4, 2011. REUTERS/Enrique Marcarian (ARGENTINA - Tags: BUSINESS HEADSHOT PROFILE) (ENRIQUE MARCARIAN/REUTERS)

Eric Schmidt got a raise — a really big one — after stepping down as Google’s chief executive to become its executive chairman.

Schmidt voluntarily limited his annual salary to $1 while he was Google’s CEO, but paperwork filed with the government Tuesday shows that he is getting a $1.25 million raise, the Associated Press reported.

The new paychecks started as of April 4, when Schmidt handed over the CEO position to Google co-founder Larry Page.

According to AP report, Schmidt took the raise at the insistence of a Google board committee to compensate him for his new role and to reward his work as CEO. He may also get a $6 million bonus.

Page and fellow co-founder Sergey Brin both have taken $1 salaries. Apple CEO Steve Jobs also has a $1 salary.