More than 950 managers received six-figure pay-offs last year, up from 620 in 2011-12.
The Department of Health's annual accounts revealed that 160 people received more than £200,000.
Labour says a total of £1.4 billion has been spent on 32,000 pay-offs in the past three years.
Shadow health secretary Andy Burnham called it "a colossal waste of money" and said the "true cost" of the coalition's health service shake-up was becoming clear.
He said: "The money David Cameron has wasted on pay-outs for managers could instead have prevented the thousands of nurse redundancies we have seen on this Prime Minister's watch.
"It will be galling for any nurses who have lost their jobs to see the sickening scale of these payouts."
The Department of Health said it wants to cut spending by £5.5bn by 2015 and £1.5bn each year afterwards, claiming that it would be reinvested in patient care.
But GMB national NHS officer Rehana Azam countered that the money wasted on these pay-offs is in addition to the massive £20bn cuts the NHS is required to make by 2015.
She told the Star: "Behind every so-called cost-cutting Tory reorganisation is billions of pounds being wasted. In the end it is the general public who will suffer.
"Massive NHS job cuts will leave the service crippled and unable to cope. One public health threat and the whole service will collapse."