Bad news for Facebook remote-workers hoping to take their fat Silicon Valley salaries and live like kings in cheaper areas.
Mark Zuckerberg says he expects about half of Facebook Inc.’s employees to work from home five to 10 years from now, but there’s a catch for those expecting to take their fat Silicon Valley salaries and live like kings in a rural area.The Facebook FB, +1.52% chief executive laid out the company’s future remote-working plans during a videoconference with employees Thursday.
“We’ll adjust salary to your location at that point,” he said, noting it will be necessary to take taxes into account. “There’ll be severe ramifications for people who are not honest about this.” As of 2018, the median employee compensation at Facebook was more than $240,000 a year. The median home price in Menlo Park, Calif., where the tech giant has its headquarters, is $2.4 million, according to Zillow, while the median home price in the wider Bay Area was $928,000 last year.
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