Pope Francis has announced a new round of salary cuts for Vatican cardinals, effective November 1. The decision, communicated by the Secretariat for the Economy Prefect Maximino Caballero Ledo, aims to reduce the Vatican’s financial deficit.
The salary cuts will specifically target the “secretarial bonus” and “office compensation” portions of cardinals’ monthly allowances. Although the Vatican hasn’t disclosed exact figures, reports suggest that cardinals currently receive approximately €5,500 monthly. The cuts will reduce this amount by around 10%, to €5,000.
This move follows Pope Francis’ September letter to cardinals, emphasizing the need for a collective effort to achieve a “zero deficit” goal. The Vatican faces significant financial challenges, including a deficit of €83 million and declining Peter’s Pence donations.
The salary reduction is expected to save €180,000 annually, setting a precedent for potential future cuts among senior Vatican officials. This is the second salary reduction for Vatican cardinals under Pope Francis, who implemented a 10% cut in March 2021 to ensure job security and a sustainable financial future.
The Vatican’s financial struggles are substantial, with monthly personnel costs reaching €10 million for its 4,000 employees. Pope Francis’ measures aim to address these challenges and promote fiscal responsibility within the Vatican.