The money will go towards a new fund - Kono Iti - set up to support students in hardship during the Covid-19 crisis.
"In response to current circumstances, as chancellor and vce-chancellor, together with all members of UC Council, we have volunteered a 20 per cent pay reduction for the next six months, which will go towards a fund to support students experiencing hardship," UC Chancellor Sue McCormack said.
The fund aims to help students keep studying and return to uni in semester two.
"The fund may be used in different ways to support students who have experienced unexpected hardship associated with the impact of Covid-19.
"The funds may be used to help with transport, books, additional expenses associated with vulnerable or immuno-compromised students or family, extra energy costs or other special needs caused by the extraordinary environment we face.
Voluntary donations to the fund can also be made online here.
"As a community we are familiar with making significant sacrifices during trying times," McCormack said.
"Together we successfully navigated the Canterbury earthquakes and the March 15 mosque attacks, and now we’ve endured over four weeks of lockdown in our homes as we face a global pandemic.
"As a UC community we will bounce back with strength, but we do recognise that we will continue to be faced with challenges as we adjust to the new post COVID-19 environment.
