Jenson Button has agreed to cut his 2009 retainer in half as the Honda team survives the withdrawal of the Japanese manufacturer.
A management buyout headed by Ross Brawn has apparently been green-lighted by the carmaker's Tokyo board, but it will mean a drastically reduced budget this season.
The Daily Telegraph in Britain claims up to 300 of the 700 Brackley based staff will be shed, while 29-year-old Button voluntarily cuts his contracted $15m salary for this season in two.
Some of the Brackley staff, however, are reportedly unhappy with the Brawn buyout and prepared to strike.
If Honda had folded the team, the manufacturer would have dished out healthy severance packages, while under the Brawn deal, many staff will still be shed but not compensated as handsomely.
Those surviving the job cuts face pay cuts, the Telegraph added.
