Players of Los Blancos will take between 10 and 20 percent salary reductions to help battle the financial implications of Covid-19.
The Spanish top flight has been suspended since March and it is still unclear when it will resume, although La Liga chief Javier Tebas has projected the end of May as a likely resumption period.
Spain is one of the countries the Covid-19 pandemic has not been kind to, with 148,220 cases recorded and 14,792 deaths.
A statement on Real's official website read: "The players and coaches of the first Real Madrid football and basketball squads, led by their captains, together with the main executives from the different directions of the club have voluntarily agreed to lower their remuneration for this year by between 10 and 20 per cent, depending on the circumstances that may affect the closure of this 2019-20 sports season.
"This decision, adopted by players, coaches and employees, avoids traumatic measures that affect the rest of the workers, in addition to contributing to the entity's economic objectives in view of the decrease in income that it suffers these months as a result of the suspension of competitions and the paralysis of a large part of its commercial activities."
"Real Madrid is proud of all those who make up this great family and its unwavering culture of values, which becomes especially valuable in times of difficulty like this.
"Likewise, Real Madrid, its partners and fans, want to extend all their love and solidarity to those who have suffered the direct consequences of this disease that is hitting us all, especially those who have lost a family member or someone they love.
