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The phrase "a dramatic pay cut" is correct and usable in written English.
It can be used to describe a significant reduction in salary or wages, often in a context where the impact of the cut is substantial.
Example: "After the company faced financial difficulties, employees were informed that they would be facing a dramatic pay cut starting next month."
Alternatives: "a significant salary reduction" or "a substantial wage decrease."
Exact(1)
Depending on whom you talk to on the team, the 49ers either want to cut Rice after June 1 to save valuable salary-cap room, or have Rice take a dramatic pay cut so he can stay one more season and then retire as a 49er.
Similar(59)
Six veterans have been asked to take dramatic pay cuts, including Young (who is scheduled to earn $8.1 million next year), Rice ($5.49 million), linebacker Ken Norton ($3.572 million), guard Ray Brown ($3.492 million), safety Tim McDonald ($3.035 million) and center Chris Dalman ($4.766 million).
She also took a sizable pay cut.
Twenty-four unpaidaysys works out to a 9.2 percent pay cut.
A big pay cut in the public sector would help.
She got the job, but took a 22 percent pay cut.
"It was a large pay cut," he recalled.
Gelb's offer still contained a substantial pay cut.
Ministers had a 5% pay cut.
All executives took a 10% pay cut.
A 5% pay cut for every government minister.
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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