Master's or PhD for NE Career: What's Required?

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I've been doing research into the field as a possible career, and I usually see careers in the post-Bachelor and post-Master's catagories, but not post-Doctorate. Is a Master's degree what's usually required for the higher paying jobs in the industry, or do most require a Phd?
 
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Probably MS is sufficient, but PhD is OK. My company prefers to hire MS or PhD, and we encourage MS to consider PhD.

Some companies may prefer MS because a PhD might expect a higher salary.

The situation may depend on one's specialty, e.g. computational physiscs/numerical analysis are in demand. A unique specialty which is in demand can allow one to command a higher salary. Also, the more diversified, the valuable one is.

Salary also depends on experience.