"It's wrong to say that there is a pay cut as any perceived reduction in match fees that is being proposed, but not been finalised yet, would be more than compensated by the retainer fees they would be getting annually," BCCI joint secretary Prof Ratnakar Shetty clarified in Mumbai.
As per the formula worked out by the two parties, the players would be divided into three grades for annual contracts worth Rs 60, Rs 30 and Rs 15 lakh each. Only those who have played a minimum of three Tests or ten One-day Internationals would be eligible to sign the contract with theBCCI.
Till now the BCCI was paying match fees plus logo money (for wearing the team sponsors logo) for every Test or ODI worth Rs 2.68 lakh and Rs 2.25 lakh respectively. The proposed match fees for Tests and ODIs amount to Rs 2 lakh and Rs 1.6 lakh respectively for those who make the playing eleven after the contract system in introduced.
Those in the reserves would earn 50 per cent of the match fees, the BCCI added.