The Metropolitan Riveters are one of seven teams in the PHF. (Sarah Stier/Getty Images)

The Premier Hockey Federation will double its salary cap to $1.5 million for the 2023-24 season, the league announced Wednesday.

The salary cap has increased tenfold since 2021, when it stood at $150,000. For the 2022-23 season, the cap is set at $750,000.

The rising figures reflect the rising tide of the PHF and of women’s hockey, commissioner Reagan Carey said in a press release.

“We will not stop here, and are very proud to continue our track record of establishing new records for women’s professional hockey,” Carey said. “The PHF was the first league to pay its players back in 2015, and our commitment to building the best home for women’s professional hockey requires us to continue leading the way forward.”

At the start of 2022, the league committed $25 million in direct payments and benefits to players over the next three years. Also in 2022, the league expanded from six teams to seven with the addition of the Montreal Force.

For the 2022-23 season, PHF teams are required to spend at least 75 percent of the cap ($562,500), and all teams have exceeded that floor.

“We are doing the work, and we are seeing the results,” Carey said.