Project manager can mean different things in different companies. I've seen PM's negotiate complex contracts with customers and as a result bring in a lot more

Project manager can mean different things in different companies. I've seen PM's negotiate complex contracts with customers and as a result bring in a lot more revenue for the company without any additional development work. For the regular PM who's just managing internally, if they are good the should help reduce the amount of unnecessary work from the business and have developers working on the most crucial work. Being able to negotiate with different 'kinds' of people is a real skill, and it's not just basic office skills. That said I think the "cushy" thing about being a PM though is there isn't a new framework to learn next year - you can just keep building on your existing people skills. How to win friends and influence people is more relevant and enduring than any tech skills from the 1930's (or even the 1990's), for example. But overall IF they are good they are worth it. (If they are bad they cost just as much and are much more harmful than a bad dev)