A pay cut is a reduction in what you are paid. Take a pay cut, an across-the-board pay cut.
It usually needs agreement, since pay is a term of the contract rather than a management decision. People take a pay cut for shorter hours or a job they would rather do.
1nounpay cutA reduction in what you are paid.
“He took a pay cut to move out of the city.”
pay cut is a reduction.
Practised in Work & Careers