a cut in salary of almost 5000 per year


Ted is looking for a job, which he urgently needs to get now in order to not be unemployed (he has just got fired as advertising executive), facing custody hearings in court. He comes to some agency looking for propositions, but since it's the holiday season, there's little to offer.
Agent: There might be something at Norman, Craig and Kummel, but I don't know. (.........) Well, something in the Art department. (........) You'd have to go back on the board. (.......) It's really a step down, and a cut in salary of almost 5000 per year. I'm sure you'll be much happier if you wait until after the first.
Kramer vs. Kramer, movie

Does it mean "you're going to be paid $5000 less than you were"?
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