The new contract will mean the actress, who plays Liz McDonald in the soap, will be paid per episode and could lose out on £50,000 a year.
The drastic cut has apparently forced Bev to cancel her wedding to fiance Jon McEwan.
A source close to the star told The Sun: “Bev’s really shocked by just how hard times are on Corrie. She’s not the only star facing bad news, but she’s been hit the hardest so far. Contracts come up for renewal at different times. Characters with less air-time are really going to struggle.”
The pay cut has also been a blow to Bev’s businesses and she has had to close her bar, The Galley, in Cheshire.
Earlier this year, she had harsh words for the Prime Minister about the economic situation, saying: “It’s tough for real people running their own businesses and I want the Government to take note of that.”