The Saints have confirmed their players - as well as the board of directors, manager Ralph Hasenhuttl and his staff - will adopt the new measures until June.
The club has also announced they won't use the government's furlough scheme over the next three months, while all staff not deferring their wages will "continue to receive 100% of their pay".
In a lengthy statement, Southampton said the decision will "help protect the future of the club, the staff that work within it and the community we serve".
The club continued: "In these unprecedented times we are dealing with many challenges to our business model and day-to-day operations.
"The situation is ever-evolving and we will continue to monitor and assess the impact to the club over the coming weeks before deciding any further action necessary.
"Everyone at the club remains fully committed to the community we value so highly in Southampton."