England's centrally contracted players have decided to take a 15% reduction in salaries as a consequence of the financial hit to the ECB.
The ECB has admitted to facing a loss of more than £130 million despite managing to host all of their international fixtures this summer amidst empty stadiums.
The governing cricket body has further estimated losses could exceed £200 million in the next year if the existing Covid-19 pandemic continues to persist.
Last month, the ECB laid off 62 employees owing to the economic crisis befallen on the board.
Pacemen Stuart Broad and Chris Woakes had earlier suggested they would be willing to take a pay cut if the situation demands such a step. The decrease in remuneration would come from retainers, match fees and win bonuses.
The annual contracts, which officially commenced on October 1, were £650,000 for Test regulars and £275,000 for the white-ball performers in the 2019/20 season.
Director of men's cricket Ashley Giles extended gratitude to the players and the Team England Player Partnership (TEPP) for being cognizant of the current scenario and braving through the effect on their livelihoods.
"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.
"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."
"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," said Richard Bevan, chairman of the TEPP.