Club's manager David Moyes, vice-chairman Karren Brady and Chief Financial Officer Andy Mollett will take a 30 per cent cut.
"The savings created by the measures above will support the entire infrastructure of the club and enable us to retain jobs and continue to pay 100 per cent of staff salaries. It will also help us to continue to support the most vulnerable in our community," the club said in an official statement.
"As players, we have been in constant dialogue with the club since the situation around COVID-19 emerged. I am proud that our entire squad have made clear their strong desire to play our part in helping to support others through this situation," skipper Mark Noble said.
On April 10, former Liverpool player Kenny Dalglish tested positive for coronavirus.
Dalglish was admitted to the hospital on April 8 for the treatment of an infection that required intravenous antibiotics.
Football action has come to a halt due to the coronavirus pandemic.
Before the suspension of the Premier League, Liverpool had moved to the top of the standings and were just three wins away from claiming the title.
( With inputs from ANI )