Howe, together with the club’s chief executive Neill Blake, first team technical director Richard Hughes and assistant manager Jason Tindall will all forego a portion of their salaries to balance the books.
The Premier League has been suspended until at least the end of April, meaning clubs are unable to bring in revenue from matchday ticket sales at the moment.
Bournemouth are battling against relegation in the Premier League this season as they currently occupy the final relegation spot in 18th place.
In a statement released to Sportsmail, Bournemouth's board of directors confirmed: 'As the COVID-19 (coronavirus) pandemic continues to gather pace, there are far more questions than answers regarding its effects.
'One thing is for certain, however; the wellbeing of our employees, supporters, local communities and everyone around the world is of far greater significance than football matches.
'There is no script for moments like this. No tactics and no set plays to find a winning formula.
'But as a board we are continually looking at ways to ensure the future of the club and our employees is protected when the season returns.
'With this in mind, the club's chief executive Neill Blake, first team technical director Richard Hughes, manager Eddie Howe and assistant manager Jason Tindall have all taken significant, voluntary pay cuts for the entirety of this uncertain time.
'We have also advised a number of staff across all areas of the club that they will be temporarily furloughed, as a result of the ongoing pandemic.
'These measures have been taken to safeguard the financial stability of the club during what is such an uncertain period, not only in football but for businesses in all industries across the world.
