However, management say they will not be seeking any redundancies.
The paper is facing significant losses and had already introduced a voluntary redundancy programme before Christmas.
It is understood that staff earning below €40,000 will not have their pay cut. Those earning between €40,000 and €100,000 will have to take a 5% pay cut.
Staff earning over €100,000 will see their earnings drop by 10%.
The Deputy Editor and Deputy Managing Director will take a 10% cut, while Editor Geraldine Kennedy and Managing Director Maeve Donovan will see their pay drop by 20%.
It is understood The Irish Times will also be seeking significant changes in work practices at its editorial offices in Tara Street and at its printing plant in Citywest.
The changes would include the ending of the four-night week or nine-day fortnight for many staff, as well as other shift changes.
In a statement, Ms Donovan said: 'These changes are a swift and decisive response to the dramatic fall-off in advertising revenue which is affecting all media companies in Ireland.
'The decline in property and recruitment advertising has been particularly marked.
'By reducing our costs at this early stage, we are giving The Irish Times the best possible chance of coming through this recession in good shape.'
Ms Kennedy added: 'We are determined that there will be no diminution in the quality of the newspaper despite the current financial pressures.'
The company announced a wage freeze and a voluntary parting scheme last November.
