Salaries in the men's Hundred will be reduced by 20% next year, while men and women will be paid 11.5% of what they were due this year.
The reduction in men's 2021 salaries applies to the seven bands which ranged from £30,000 to £125,000.
Women's 2021 salaries, ranging from £3,600 to £15,000, will not be reduced.
The agreement comes after negotiations between the England and Wales Cricket Board (ECB) and the Professional Cricketers' Association (PCA), which asked for the 11.5% figure this year.
"We have been working closely with the PCA to agree player contract terms to cover this season and next," said an ECB spokesperson.
"The men's players have agreed to a 20% reduction in 2021 salary bands and we are grateful and heartened by their support of the competition as our sport looks to mitigate the financial impact of Covid-19.
"It has been important to us not to see cuts to women's player salaries, and these remain unaltered for 2021."
A decision on whether players in the men's competition will face a new draft will be taken at a later date.
While there is a desire for both men and women to remain with their intended teams of 2020, certain factors could lead to movement, particularly in the men's competition.
These include how much domestic white-ball cricket is played in the UK this summer, the allocation of England central contracts, the availability of overseas players and if Kolpak players remain in the English game into 2021.
The inaugural season of The Hundred, due to begin in July 2020, was postponed because of the coronavirus pandemic.
John Stephenson
john@cricketinvestor.co.uk
#TheHundred #PCA #Kolpak #ECB
