The Professional Footballers' Association says Premier League players want to make "significant financial contributions" but warned a 30% pay cut would have far-reaching implications.
The Premier League met with all clubs, the PFA and LMA in a conference call on Saturday afternoon to discuss its suggestion of wage deductions or deferrals as they look at the financial impact of the coronavirus crisis.
Top-flight professionals have been coming under increasing pressure to take a drop in pay, especially with clubs from the Premier League to League Two placing non-playing staff on furlough leave under the Government's coronavirus job retention scheme.
A PFA statement on behalf of the Premier League players said: "All Premier League players want to, and will, play their part in making significant financial contributions in these unprecedented times.
"Going forward, we are working together to find a solution which will be continually reviewed in order to assess the circumstance of the COVID-19 crisis.
"The players are mindful that as PAYE employees, the combined tax on their salaries is a significant contribution to funding essential public services - which are especially critical at this time. Taking a 30 per cent salary deduction will cost the Exchequer substantial sums. This would be detrimental to our NHS and other government-funded services."
Health Secretary Matt Hancock weighed in on the topic during the government's daily briefing on Thursday when he said Premier League players should "take a pay cut and play their part".
The PFA addressed those remarks, as the statement continued: "The proposed 30 per cent salary deduction over a 12-month period equates to over £500m in wage reductions and a loss in tax contributions of over £200m to the government.
"What effect does this loss of earning to the government mean for the NHS? Was this considered in the Premier League proposal and did the Health Secretary, Matt Hancock factor this in when asking players to take a salary cut?"
The PFA says it is happy to continue talks with the Premier League, which on Friday pledged an advance of £125million to the EFL and National League as well as a £20m donation to the NHS and other community causes.
The PFA statement added: "£20m is welcome, but we believe it could be far bigger. The EFL money is an advance. Importantly, it will aid cashflow in the immediate, but football needs to find a way to increase funding to the EFL and non-league clubs in the long-term.
"Many clubs require an increase in funding just to survive. We believe in our football pyramid and again stress the need for solidarity between all clubs.
"Going forward, we are working together to find a solution which will be continually reviewed in order to assess the circumstance of the COVID-19 crisis."
Liverpool skipper Jordan Henderson has been at the forefront of talks between Premier League club captains on a co-ordinated player response, while on-loan Newcastle defender Danny Rose said he have "no problem" contributing a portion of his wages to those fighting the coronavirus outbreak.
Newcastle and Rose's parent club Tottenham - as well as Henderson's Liverpool - are among the five Premier League clubs to have furloughed some non-playing staff during the crisis, prompting criticism as players continue to receive their full salary.
"We're all keen to make something happen," Rose said on BBC Radio 5 Live.
"I can only speak for myself but I would have no problems whatsoever contributing some of my wages to people who are fighting this on the front line and to people who have been affected by what's happening at the minute."
On Friday, North Middlesex University Hospital identified Rose as the individual behind a £19,000 donation to hospital funds.
"We sort of feel our backs are against the wall," Rose added. "Conversations were being had before people outside of football were commenting.
"I've been on the phone to Jordan Henderson and he's working so hard to come up with something.
"It was just not needed for people who are not involved in football to tell footballers what they should do with their money. I found that so bizarre."
Talks are due to take place on Saturday between the league, clubs and players representatives.
Wolves captain Conor Coady said it was time for players to help out.
"It's fantastic to see people trying to make the effort," he said.
"It's something everyone wants to be part of. As footballers, it's important we help as many people as possible.
"What's come out now is the 30 per cent cut. We get judged every single day of our lives. The time now is to go forward and make a donation."
On Saturday, Burnley said they would face a £50million shortfall if the Premier League season could not be completed.
The Clarets said this was a result of £5million in lost matchday revenue - a shortfall which would remain if the season was completed behind closed doors - as well as a £45million in lost broadcasting revenue. The club suggested the amount could be as high as £100million for some other clubs.
"It's a completely unprecedented situation that we and other Premier League Clubs face and which we could not have foreseen in anyway only just a few weeks ago," Burnley chairman Mike Garlick said.
"It's now not just about Burnley or any other individual club anymore, it's about the whole football ecosystem from the Premier League downwards and all the other businesses and communities that feed from that ecosystem.
"As a club, as fans, as staff members and as a town we are all in this together and I'm sure we can get through this by sticking together and helping each other in every way possible in these tough times."
Wilder: Players and managers will 'do the right thing'
Sheffield United boss Chris Wilder has backed players and managers to "do the right thing" by taking a pay cut.
Premier League clubs have proposed wage cuts of around 30 per cent to ease the financial burden caused by the coronavirus pandemic, while the league has announced a contribution of £20million to the NHS and £125million to the lower leagues.
Meetings are taking place on Saturday between the Premier League, Professional Footballers' Association (PFA) and League Managers' Association (LMA) in the hope of coming to an agreement.
"A lot of footballers, past and present, have got a huge conscience about what we do and doing the right thing," Wilder told the BBC's Football Focus programme.
"I am sure we will do the right thing through the PFA for the players, the LMA who look after the managers, the Premier League, EFL and FA, they will always do the right thing."
Tottenham, Newcastle and Norwich are clubs that decided to furlough staff before the players' proposal was announced, while Bournemouth manager Eddie Howe Brighton counterpart Graham Potter both took voluntary wage cuts.
Wilder says that any decisions made should be done from a united front.
He added: "It is important we get it right and don't go individual. It is a little bit disappointing now when you see clubs making individual statements and going their own way.
"It is important that we pull together as an industry, right from the top at the Premier League down to the reaches."
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