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The phrase "a colossal pay cut" is correct and usable in written English.
It can be used when discussing a significant reduction in salary or wages, often in a professional or employment context.
Example: "After the company downsized, many employees were faced with a colossal pay cut that affected their financial stability."
Alternatives: "a massive salary reduction" or "a significant wage decrease."
Exact(1)
Mr. Vaughn was capable of organizing the trip, but that doesn't completely account for why he chose to take a colossal pay cut to spend a month introducing his "Wild West" ensemble, re-enacting the occasional scene from "Swingers" onstage and sleeping in the back of a tour bus.
Similar(59)
She also took a sizable pay cut.
All executives took a 10% pay cut.
Ministers had a 5% pay cut.
Then everyone took a 10percentt pay cut.
Three weeks ago, Dan Price took a $930,000 pay cut.
Alexander volunteered for a pay cut.
He took a pay cut.
But the pay deal is still a pay cut.
No one is getting a pay cut.
Hart declined to take a pay cut.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com