Zuckerberg says employees moving out of Silicon Valley may face pay cuts

CNBC.COM

Silicon Valley goes remote—Here’s what that means for San Francisco

Facebook CEO Mark Zuckerberg on Thursday said he predicts that 50% of the company’s employees could be working remotely within the next five to 10 years. “We’re going to be the most forward-leaning company on remote work at our scale,” Zuckerberg said. The company will begin allowing certain employees to work remotely full time, he said. Those employees will have to notify the company if they move to a different location by Jan. 1, 2021. As a result, those employees may have their compensations adjusted based on their new locations, Zuckerberg said. “We’ll adjust salary to your location at that point,” said Zuckerberg, citing that this is necessary for taxes and accounting. “There’ll be severe ramifications for people who are not honest about this.” Zuckerberg announced that Facebook is going to “aggressively” ramp up its hiring of remote workers, and the company is going to take a “measured approach” to opening up permanent remote work positions for existing employees.

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