Bengaluru, April 3: Following the likes of La Liga rivals Real Madrid and Barcelona, Atletico Madrid have also decided to cut the salary of players and support staff by 70 per cent as the competitions are stopped during the coronavirus (COVID-19) pandemic.
Atletico said it had reached an agreement with its players and support staff and said it was temporarily suspending the jobs of club employees.
The Spanish club added that some of the money saved by the players' salary cuts will be given to its other employees who will be furloughed.
Barcelona recently announced it had come to a similar agreement with its players.
Both clubs said that such cost-saving measures were necessary to ensure their financial stability due to the loss in revenue during the stoppage of competitions.
Atletico, who are coached by Argentinian Diego Simeone Atletico lie sixth in La Liga before it was supended due to the outbreak of the epidemic.
Their final outing before football's continent-wide shutdown was a thrilling 3-2 extra-time victory over Liverpool at Anfield - sealing a place in the quarterfinals of the UEFA Champions League with a 4-2 aggregate triumph.
The club had previously said it would need to take such a drastic step but had yet to reveal the details.
A job suspension under Spanish law allows a company to greatly reduce its labor costs by having workers stay at home while guaranteeing they will go back to their positions when conditions improve.
(With inputs from Agencies)