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Prime Minister Benjamin Netanyahu and the 29 ministers in his cabinet are set to take a five percent pay cut on August 1, applicable until the end of 2010.

The decision to cut the ministers' pay was made Sunday morning by the Knesset Finance Committee.

TheMarker reported last week that the government approved the pay cuts on June 7 but that it had only submitted the matter to the committee for approval last week.

The monthly wages for ministers, the state comptroller and the Bank of Israel governor have been reduced by NIS 1,675 to NIS 33,345. The prime minister's monthly wage has been reduced by NIS 1,882 to NIS 39,173.

Since the wages of deputy ministers are fixed to the wages of MKs, they will not have to take a pay cut.

MK Uri Ariel (National Union) had proposed to the committee that it also impose a five percent pay cut on the president, judges and MKs.