half pay

noun
1.
half one's regular pay.
2.
a reduced amount paid to a British army or navy officer when not in actual service or after retirement.

Origin:
1655–65

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
For the typical sabbatical, the choices are either half a year away at full pay
  or a full year away at half pay.
The half pay was to continue for the duration of the disability.
Sabbaticals, available in some districts, can provide up to one year of leave
  at half pay.
Sabbatical leave is available in some districts, usually providing for leave up
  to one year at half pay.
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