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Alberta Premier Jim Prentice says he and his cabinet will take a voluntary 5% pay reduction.

He says the move will take effect Sunday.

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Prentice is also making a recommendation that members of the legislature accept a similar cut.

He says it’s important that politicians show leadership in a time of difficult financial circumstances.

Alberta has been thrust into economic uncertainty due to free-falling oil prices.

“While work on our overall budget challenges is ongoing, Albertans are clearly telling us that they expect their political representatives to be part of the solution,” Prentice said in a statement released during a media availability Thursday.

“All members of cabinet understand how crucial it is to lead by example, and for political representatives not to ask anyone to accept any measure we would not accept ourselves.”

Alberta is facing a multibillion-dollar hit in revenue due to prices that have fallen in the US$40s for a barrel of oil.

Prentice has already mused about what can be done to make up some of the difference. He’s suggested the wages of public-sector workers are too high and has floated ideas about the province’s tax structure.