Vatican Enforces Cardinal Pay Cuts in 'Zero Deficit' Drive

The Vatican is implementing a 10% pay cut for cardinals leading its top offices in Rome, part of Pope Francis’ economic reforms to achieve a 'zero deficit.' This move follows previous measures to curb spending amid falling income from tourism during the pandemic.

In a significant move towards financial reform, the Vatican has announced a 10% reduction in pay packages for cardinals who head its top offices in Rome. This cost-cutting measure aligns with Pope Francis' 'zero deficit' agenda, aiming for greater thrift within the Catholic Church.

The pay cuts, set to commence on November 1, will affect about 20 cardinals, reducing their monthly earnings by approximately 500 euros. Italian media reports suggest the monthly stipend for cardinals ranges between 4,000 to 5,000 euros. The deductions include the removal of two allowances previously used for hiring personal secretaries.

In a letter dated October 18, Maximino Caballero Ledo, leading the Vatican's finance ministry, conveyed the decision as directed by Pope Francis. The move is the latest in a series of actions taken by the Pope to prune Vatican spending as tourism-related revenues plummeted during the COVID-19 pandemic. Further, subsidised rents for cardinals and high-ranking officials were phased out earlier this year.

(With inputs from agencies.)