Cut actors' pay grade (8)

I believe the answer is:

castrate

'cut' is the definition.
(cutting off testicles)

'actors' pay grade' is the wordplay.
'actors'' becomes 'cast' (group of actors).
'pay grade' becomes 'rate' (pay rate).
'cast'+'rate'='CASTRATE'

(Other definitions for castrate that I've seen before include "Emasculate" , "To unman" .)

I've seen this clue in The Guardian.

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