The pay cut for players on central contracts was made up of match fees, win bonuses and retainers with the 12-month period starting from 1 October.
"We need to recognise that our players, led by captains Joe Root and Eoin Morgan, have conducted themselves with great maturity and responsibility throughout this challenging time," England men's cricket managing director Ashley Giles said.
The ECB had previously said they had sustained losses of over 100 million pounds ($NZ195 million) when professional cricket in the country was suspended for several months due to the novel coronavirus outbreak.
The ECB had implemented short-term cost-cutting measures, including furloughing staff, significant pay reductions and a recruitment freeze at the onset of the financial crisis and said last month they were planning to make 62 positions redundant.