Aon CEO Greg Case has asked employees to take a 20% pay cut due to the Covid-19 pandemic.

The pay cut will take effect from 1 May and apply to 70% of employees.

The board of directors and all named executive officers, including Case, CFO Christa Davies, co-president Eric Andersen, COO John Bruno and chief innovation officer Tony Goland, will be taking a 50% pay cut.

In a message to staff Case said that Covid-19 was a “humanitarian tragedy” but that there would be no job losses at Aon as a result of it.

“We have committed to you that no one at Aon is going to lose their job because of this Covid-19 outbreak,” Case said.

“Bringing the best of our firm to clients requires every single one of our colleagues and we are committed to an approach that allows all of us to continue supporting that mission.”

The determination that the pay cut would apply to 70% of employees was made due to setting a floor for salary in each country.

“We have worked with local leaders around the world to determine the most equitable way to apply a temporary salary reduction to our broader colleague base and have developed a tailored approach based on a set of criteria, including the cost-of-living,” Case said.

At the beginning of March, Aon bought Willis Towers Watson (WTW) in a $30bn deal that will make the combined firm one of the biggest captive managers in the world.

Case said that the WTW deal will still go ahead despite the current global situation.

“Our combination with Willis Towers Watson will be a positive catalyst that enables us to accelerate innovation on behalf of clients,” he said.

“This all-stock combination requires no financing and our intent to complete it creates no incremental financial burden.”