Jenkins will take a 100 per cent pay cut, while the club's senior management team have also offered to take large reductions in their wages.
Covid-19 has shut football down and with no date set for a return Jenkins will not be paid at The Hawthorns.
He said: "It is only correct that for the duration of this lockdown I take a 100 per cent cut in my salary and other members of the senior management team have also offered to take significant reductions in their remuneration.
"But everybody is fully aware these are very uncertain times in which we simply cannot forecast what the future holds.
"Until we regain a level of certainty, we cannot be sure if planned income will actually be received or if we will be forced to utilise cash the club already holds to refund existing commitments.
"What we do know for fact is that our operations are almost completely closed down and we are receiving virtually no income.
"Almost all of the club's usual costs still need to be paid, the majority of which are wages whether this be admin staff, maintenance teams, management or, of course, the first-team players."
Albion, who are second in the Championship, are yet to furlough their staff but Jenkins confirmed it remains an option while they will speak to the squad about their wages depending on how long football is postponed for.
Jenkins added: "Like many other clubs we have considered using a furlough approach with non-playing staff who are now unable to work owing to the lockdown and we have made plans for this eventuality.
"At present we have not been required to sanction this action, but if the lockdown continues and football remains 'on-hold' then this decision may have to be changed.
"What we will pledge is to ensure none of the staff effected suffer a reduction in pay; the club will make up the 20 per cent shortfall not covered by the Government's coronavirus job retention scheme.
Additional reporting by PA.