The Chief and council of the Beardy's and Okemasis First Nation have agreed to cut their wages.

The First Nation, located 100 kilometres north of Saskatoon, has a third party co-manager in place while it pays down debt.

The pay cuts are substantial. Chief Rick Gamble reduced his salary from $96,000 down to $48,000. Councillors also took a pay cut of more than $7,000 a year.

"Our new team took decisive action yesterday to demonstrate its commitment to accountability in our community" Rick Gamble said in a media release.

The band's acting co-manager called the move a step in the right direction.

"The stresses of meeting many of our community's financial obligations — considering our financial position — can now be better met," said co-manager Brenda Seesequasis, in a media release. "Their actions are a step in the right direction."

The First Nation elected a new chief and council last week.