King Charles; Meghan Markle and Prince Harry.Photo: Chris Jackson/Getty; Taylor Hill/WireImage

Meghan, Duchess of Sussex, and Prince Harry, Duke of Sussex,

Meghan MarkleandPrince Harrybeingasked to leave their U.K. homeis the “tip of the iceberg” when it comes toKing Charles' plan to slim-down the monarchy and cut spending on the royal family.

TheEvening Standardreports King Charles, 74, wants to reduce the number of members of the royal family dependent financially on the monarchy, including them paying for their own housing with subsidized rents eradicated over time.

A source told the outlet, “The King is not some sort of housing association for distant relatives.”

The source also said that properties will be rented at commercial rates, including to people “outside the family” with a vetting process for security reasons.

King Charles and Queen Camilla.OLI SCARFF/AFP via Getty Images

King Charles III and Britain’s Camilla, Queen Consort leave after visiting Bolton Town Hall

King Charles and Queen Camilla, 75, also plan to cut the number of staff positions. However, they want to pay palace staff competitive salaries and pensions to ensure the most capable employees.

An insider told theEvening Standard, “The staffing has been on the top-heavy side. That has built up over time, with advisers to advisers and so on. That’s all going to stop. The boss wants effective people in effective positions doing effective jobs being paid appropriately.”

The outlet also reported that King Charles is working closely withPrince William, his heir, to make changes to make the monarchy “fit for purpose.”

King Charles and Prince William.DANIEL LEAL/POOL/AFP via Getty Images

King Charles III and Britain’s Prince William, Prince of Wales walk behind the coffin of Queen Elizabeth II, adorned with a Royal Standard and the Imperial State Crown

Soon afterQueen Elizabeth’s death in September, dozens of employees from King Charles' household werealerted of potential termination.

A Twitter user shared aphotoof their contract from when they joined the royal household, showing that there is a clause about possible termination after the death of a monarch.

Those who were let go were expected to be given an increased redundancy payment as well as assistance in finding new jobs.

King Charles.STEFAN ROUSSEAU/POOL/AFP via Getty Images

King Charles III visits Syria’s House, a temporary Syrian community tent, in Trafalgar Square

Can’t get enough ofPEOPLE’s Royals coverage?Sign up for our free Royals newsletterto get the latest updates onKate Middleton,Meghan Markleand more!

King Charles’coronationon May 6 is also expected to be smaller than his mother’s crowning ceremony in 1953. While 8,000 people packed into stands forQueen Elizabeth’s three-hour coronation, her son willreportedly trim the guest listto Westminster Abbey’s actual capacity of 2,000 for an hour-long ceremony.

“The Coronation will reflect the monarch’s role today and look towards the future, while being rooted in longstanding traditions and pageantry,” Buckingham Palace previously said.

source: people.com