The move followed heated exchanges on social media after it was revealed that MPs were paid more than $3,000 (£1,985) a month.
The average salary in the West African state is about $150 a month.
One MP said the pay cut would promote better governance and
rebuild confidence in democracy during a year-long transition to
elections.
The former National Assembly in Burkina Faso has been
replaced by an interim parliament, the Transitional National Council
(CNT), as part of arrangements following the forced resignation of
long-serving ruler Blaise Compaore last year.
Mr Compaore seized power in a coup in 1987 and went on to win four disputed elections.
Tens of thousands of people took part in protests in Burkina
Faso's capital, Ouagadougou, in October over moves to allow him to
extend his rule, eventually forcing him to step down.
Members of the 90-member CNT have been paid a gross salary plus
attendance fees, office allowances, healthcare supplements and fuel
costs.
Campaigners, including grassroots political movement Balai
Citoyen, have said MPs should not be paid attendance fees and have
pointed out the substantial gap between their salaries and average
earnings.
Another campaign group, the Coalition Against Costly Life, has said a maximum salary of $900 would be sufficient.
Revelations about MPs' pay prompted angry reactions on social
media, with many saying the pay levels amounted to an abuse of power.
After fighting for a change of government, people in Burkina Faso
are determined to put in place a better system to achieve social
justice.
The transitional government is led by Lt-Col Isaac Zida, who was among army officers who took power from Mr Compaore.
He has promised to return Burkina Faso to civilian rule through elections later this year.
Before Lt-Col Zida's appointment as prime minister, the
African Union, the United States and several other countries urged the
military to hand back power to civilians or face the prospect of
economic sanctions.
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