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The phrase "a considerable pay cut" is correct and usable in written English.
You can use it when discussing a significant reduction in salary or wages, often in the context of job changes or company financial adjustments.
Example: "After the company downsized, many employees were faced with a considerable pay cut."
Alternatives: "a significant salary reduction" or "a substantial wage decrease."
Exact(3)
The Box was shot for a reported $16m, suggesting that Diaz, who earns upwards of $20m a movie, must have taken a considerable pay cut to work with Kelly.
I was, like you, offered a considerable pay cut to go to work at Google.
Despite taking a considerable pay cut, he chose Halifax to enable his family to return to live near Burnley.
Similar(57)
She had commended her top aides, lined up behind her, for their "considerable sacrifice," supposedly in some cases taking "considerable pay cuts" to work for her.
Separate self-employment studies have shown people taking considerable pay cuts and working fewer hours, with many saying they would like to return to full-time employment.
I had to retrain and took a considerable pay drop but it was well worth it.
She also took a sizable pay cut.
Twenty-four unpaidaysys works out to a 9.2 percent pay cut.
Gelb's offer still contained a substantial pay cut.
A big pay cut in the public sector would help.
She got the job, but took a 22 percent 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