Mark Zuckerberg said Facebook employees who move out of Silicon Valley may face pay cuts

AP Photo/Mark Lennihan

• Facebook CEO Mark Zuckerberg said employees looking to leave Silicon Valley for areas with cheaper cost-of-living may be subject to pay cuts, CNBC reported.
• "We'll adjust salary to your location at that point," Zuckerberg said during a livestream, according to CNBC. "There'll be severe ramifications for people who are not honest about this."
• The potential salary adjustments for employees comes after the Facebook CEO predicted that 50% of the company could be working remotely in the next five to 10 years.
• Zuckerberg also announced the company will "aggressively" ramp up remote hiring in order to diversify the talent pool outside of those who were able to relocate to a big city.
• Visit Business Insider's homepage for more stories.

Facebook CEO Mark Zuckerberg said the company may adjust the salaries of employees moving out of Silicon Valley as it looks to create more remote roles, CNBC reported.

The salary adjustments would apply to potentially remote workers who are looking at living in areas with cheaper housing costs in comparison to Silicon Valley, which has one of the most expensive cost-of-living areas in the US.

See the rest of the story at Business Insider

NOW WATCH: Inside London during COVID-19 lockdown

See Also:

• About 83% of US coronavirus deaths could have been avoided if lockdowns were imposed March 1, researchers estimate
• The coronavirus triggered 'sudden and devastating unemployment' among nannies, most of whom are women of color and their families' primary wage earners
• Michael Cohen is being released from prison due to COVID-19 and is expected to serve out the rest of his sentence under house arrest, according to report

from Feedburner https://ift.tt/3e8ujyT