Spanish Royal Family Getting a Pay Cut

King Juan Carlos will receive $390,000 per year

MADRID, Jan. 22 (UPI) -- Spain's King Juan Carlos has made cuts in payments to the royal family and is returning his own salary to its 2011 level, officials said.

ThinkSpain Tuesday said Prince Felipe will also be making his 2011 salary, resulting in a $18,680 pay cut for Felipe and a $28,000 cut for Juan Carlos.

Juan Carlos will receive $390,000 annually, and Felipe $195,000, ThinkSpain reported.