The club said the board, guided by club owner Roman Abramovich, agreed on a number of initiatives "aimed at ensuring the financial well-being of our staff as well as supporting our fans and the wider community".
Premier League players have already announced the establishment of "#PlayersTogether", an initiative to donate "funds quickly and efficiently" to National Health Service (NHS) charities in an effort to fight the coronavirus outbreak.
In a statement, the club said: "We are grateful to the team for having played their role in assisting the club with community activities as well as all the charitable causes they have been supporting in their respective home countries and through the Players Together initiative supporting the NHS."
"At this time, the men's first team will not be contributing towards the club financially and instead the board have directed the team to focus their efforts on further supporting other charitable causes. As this crisis develops the club will continue to have conversations with the men's first team regarding financial contributions to the club's activities," the statement added.
The club also stated that they are not planning any redundancies for their full-time staff.
"We are not planning any general redundancies or furloughs for our full-time staff who are continuing to be paid 100 per cent of their current wages. Casual workers and match day staff employed by the club are being compensated by us through 30 June as if matches had been played and we had been operating as normal," the statement read.
The coronavirus pandemic has brought an indefinite halt to football across the globe. Premier League has already announced that the 2019-20 season will only return "when it is safe and appropriate to do so".
( With inputs from ANI )