The pay cut is part of the cost-cutting measures amid Coronavirus pandemic.
A report by AFP states, "the ECB says the English game has already lost more than £100 million ($130 million) – a figure that could rise to £200 million next year."
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A cut of as many as 62 jobs from the staff was also announced by the board last month. This, despite the entire international summer being secured within bio-secure arrangements.
Fast bowlers Stuart Broad and Chris Woakes confirmed recently players' admirable stance on the matter. The pay cut, "ECB revealed on Friday (October 23), would come from retainers, match fees and win bonuses."
"The annual contracts, which started on 1 October, were understood to have been worth £650,000 for Test stars and £275,000 for white-ball performers in 2019/20."
Ashley Giles, director of men's cricket, was only grateful of the players and the Team England Player Partnership (TEPP) for their understanding of the situation.
"The relationship with our men's players and their representatives (TEPP) is strong, and we need to recognise that our players, led by captains Joe Root and Eoin Morgan, have conducted themselves with great maturity and responsibility throughout this challenging time," Giles said in an ECB statement.
"We now want to build on this agreement and work together on a number of areas relating to player welfare, particularly mental health, which remains a high priority for all of us, as we continue to navigate a path through this pandemic."
Chairman of the TEPP, Richard Bevan, said: "these are unprecedented times and once again the players have shown that they fully appreciate the important role they play in helping cricket emerge from this pandemic in as strong a position as possible."