The R&A announced on Monday that it will increase the purse for next month’s AIG Women’s British Open to $4.5 million, a nearly 40 percent boost.

“This is an important first step, and we know it will take time to move closer to achieving parity with the men’s game,” R&A chief executive Martin Slumbers said. “We will continue to work toward the long-term goal of a sustainable business model, but we can’t do it alone and the support of fans, sponsors and media are all key to achieving that success.”

The Open Championship’s purse this year is $10.75 million.

The AIG Women’s British Open purse is now the second largest in women’s golf, behind the U.S. Women’s Open ($5.5 million).

“We recognized that more needed to be done to elevate the prize fund for this great championship and are pleased that we have been able to make a significant increase this year as part of The R&A’s commitment to women’s golf,” Slumbers said.

The winner of this year’s Women’s British Open will take home $675,000. The event is scheduled for Aug. 1-4 at Woburn Golf Club north of London. Georgia Hall took home $490,000 as last year’s winner.