The pay cut, which was described in a statement as “significant” will apply to the club's Chief Executive, Manager, non-executive directors, first-team squad, executive team, and backroom staff, including Academy and Football Operation executives, between April and June.
In the statement, Chief Executive Peter Lawwell said: “I would like to pay tribute to Neil and the players for their desire to play their part and the outcomes achieved. I am also grateful to my own executive team for the commitment they have devoted to this outcome in very difficult working circumstances and also their own willingness to play a part in the measures adopted.
"I am extremely appreciative of the willingness of everyone concerned, to recognise the practical difficulties which this awful crisis has created. Celtic are in a strong financial position but we are not immune to this unique set of circumstances.
"Our club is built on a great collective spirit and we are acutely aware of our responsibilities to colleagues, supporters and society as a whole. The fact that we can announce this package of measures in a spirit of harmony is testimony to the unity which exists within the club and will carry us into the future.
“We will negotiate and overcome these unprecedented times of challenge with continued teamwork and support for each other and I would like to thank our fans for the continued support which they give to the Club. Our togetherness is our strength.
“I also want to take this opportunity to thank all those people, across so many areas of life, who are so bravely doing all they can to keep us safe and well. Everyone at Celtic applauds this monumental effort."
Lennon added: "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.
"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."
The move comes as players in the English Premier League have faced criticism for not taking pay cuts while non-playing staff are being furloughed by clubs under a government backed scheme which would see them paid up to 80% of their wages.
Players responded by launching the #PlayersTogether initiative whereby footballers can voluntarily donate funds to help the NHS. Southampton also became the first club in the English Premier League in which players and staff agreed to defer part of their slaries amid the crisis.