Francois Hollande cuts his own salary by 30 percent.

The newly elected Socialist President of France Francois Hollande said he will cut his own salary by 30 percent; and also reduce the pay of his newly formed cabinet, which consists of 34 ministers, International Business Times said.

Hollande will now take home about 14,910 euros ($19,100) per month, down from 21,300 euros. The cabinet ministers will see their wages slip to 9,940 euros per month, down from 14,200 euros.

Ironically, German Chancellor Angela Merkel, Europe’s biggest hawk on austerity, just voted for a 3.3 percent pay raise for herself and her ministers. Prior to the increase, Merkel earned a little over 16,000 euros per month.