Depending on the industry you are in and your pay grade. I know of someone who works in a yacht club with an assistant manager pay grade having 10% reduction in pay in 2Q2020 but it has since been adjusted back.
40% is not normal, unless you work in the airlines or travel industry. I’d say if you have transferable skills, look for a new role in another industry. Otherwise, maximise your time to learn a new skill (eg trading) or look for a new source of income.