Vatican cardinals to face symbolic pay cuts amidst reforms
Pay cuts await high-ranking clergy working for the Roman Curia. The pope's decision is motivated by the need to ensure the Vatican's financial stability. On Wednesday, the Italian newspaper "Il Messaggero" reported that changes to the cardinals' salaries will be introduced starting November 1.
1:12 PM EDT, October 23, 2024
The reduction in cardinals' pay, set to take effect next month, was announced in a letter by Maximino Caballero, the prefect of the Secretariat for the Economy. The prefect noted that amid ongoing economic reforms, such a financial decision is a necessary sign of readiness to serve.
Initially, the salary cuts will impact those holding the highest positions in the Vatican. According to the report, the salary of cardinals working in the 30 dicasteries, or Vatican offices, amounts to - after including bonuses and additional benefits - no more than $5,300.
The income of Vatican cardinals will drop, but these won't be drastic cuts
The announced cuts are not expected to exceed a few hundred dollars and are intended to be a "symbolic sacrifice." The pope hopes this will be accepted in the "spirit of cooperation for the good of the Church."
Pope Francis, in a letter published last week to the members of the College of Cardinals, suggested that the already initiated review of the Vatican's budget expenditures should go much further. The heads of all dicasteries should take actions to ease the financial burden.
The Church aims to seek savings not only in the internal flow of funds. Possible ideas include seeking sponsors and external support through transparent and effective fundraising.
Two years ago, the predecessor of the current Secretary for the Economy, Guerrero Alves, expressed concern about the imbalance in the current economic system. According to Alves, bold decisions were needed to restore it.
In the last budget, the Vatican's deficit was about $88 million. With over two thousand employees in both Vatican City and the Holy See, personnel costs are by far the largest expense.
The Vatican's income comes from rents, entrance fees, capital investments, and profits from the Vatican Bank. Additionally, there are substantial donations from around the world. For several years, these revenues have not been sufficient to balance the expenses.
