The Formula 1 plan for cost-cutting measures has been approved by the sport’s governing body, the FIA.
The changes to the sporting, technical and financial regulations were adopted by electronic vote at the World Motor Sport Council meeting on Wednesday.
It was “due to the need to cut costs and safeguard sport in the light of the Covid-19 pandemic,” said a statement.
F1 previously agreed to introduce a budget cap for the 2021 season, but these new measures go further.
Teams voted on Friday to agree to a plan to reduce the budget ceiling that will be introduced next year from $ 30 million to $ 145 million (£ 114 million).
This amount will be further reduced to $ 140 million in 2022 and to $ 135 million for the period 2023-25.
It is a series of measures to cut costs and level the playing field, including a handicap system for research and development.