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

• 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.

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.

"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 salary adjustments comes after the Facebook CEO predicted that 50% of the company could be working remotely in the next five to 10 years. Zuckerberg announced that Facebook is going to "aggressively" ramp up remote hiring to diversify the talent pools at the company.

"When you limit hiring to people who either live in a small number of big cities or are willing to move there, that cuts out a lot of people who live in different communities, different backgrounds or may have different perspectives," he said.

The social media giant joins a slew of other tech companies — including Twitter — that are considering allowing employees to work remotely post-pandemic.

The coronavirus pandemic has reshaped not only Facebook, but also the tech industry as a whole. Out of a survey of thousands of tech employees in the Bay Area, two out of three said they would consider working remotely if their company offered the opportunity.

"We're going to be the most forward-leaning company on remote work at our scale," Zuckerberg said.