Sinn Féin is proposing an emergency cap of €100,000 be imposed across the public service for three years.
The idea is contained in the party's pre-Budget submission which is being launched today.
The party is focusing on capping the pay of hospital consultants, and city and county managers.
The party is also expected to propose the introduction of a wealth tax, which they believe would raise €800m for the Exchequer.
Sinn Féin's finance spokesperson Pearse Doherty said that the state of the public finances means extreme measures have to be taken on public-service salaries.
"People in politics need to wake up," he said. "The country is absolutely broke."
"The Government will implement a huge austerity budget in the next number of weeks that will gain affect the same vulnerable people in society, low and middle income earners.
"When we are broke, we have to ask ourselves a question: 'Can we afford to pay out of the public purse salaries above €100,000 in the public service?'."