The club said that this will help to battle through the current coronavirus crisis on a stable basis while ensuring that the rights and interests of all colleagues are safeguarded.
"This club is all about teamwork and solidarity, on and off the park. We are well aware of the economic realities and are very willing to play our part in recognising them. We will come through this in unity and then look forward to the challenges ahead," said Neil Lennon, club manager in an official statement.
"We also know that many within society, including our own support, are facing distress and, in some cases, tragedy. Everyone at Celtic Football Club, including the players and my own backroom team, expresses our appreciation of the work being done by NHS staff, carers and all who are providing vital public services at this time," he added.
To combat the global coronavirus pandemic, many football clubs have made the decision to go in for salary reductions.
Earlier, Serie A clubs had unmously agreed to cut the salaries of first-team players by up to one-third.
Italian club Juventus had also announced that all those associated with the club have decided to negotiate their wage structure in a bid to combat COVID-19.
( With inputs from ANI )