The move will save the Serie A champions up to £81m for the months of March, April, May and June.
Serie A has been suspended since March 10 because of Covid-19, which has killed more than 10,000 people in Italy, and many clubs are struggling to bring in revenue in the absence of matchday ticket sales.
A statement released on the Juventus official website read: “Juventus Football Club S.p.A. announces that, due to the current global health emergency preventing the performance of the sporting activity, it has reached an understanding with the players and the coach of the First Team regarding their compensation for the residual portion of the current sport season.
“The understanding provides for the reduction of the compensation for an amount equal to the monthly payments of March, April, May and June 2020. In the coming weeks, personal agreements with the players and the coach will be finalised, as required by the current regulations.
“The economic and financial effects of the understanding reached are positive for about €90 million for the 2019/2020 financial year.
“Should the current season's matches be rescheduled, the club will negotiate in good faith with the players and the coach conditional increases of compensations according to the actual resumption and finalisation of official competitions.
“Juventus would like to thank the players and the coach for their commitment at a difficult time for everyone.”
Across Europe, top clubs including the likes of Bayern Munich, Borussia Dortmund, Atletico Madrid and Barcelona are all reducing the wages of their players to save the clubs money in these trying times.
Juventus have had their fair share of the Covid-19 outbreak after three of their players tested positive for the virus.
Daniele Rugani, Blaise Matuidi and Paulo Dybala have all contracted the virus.
