Facebook Employees Get $10k Incentive To Move Closer To Work
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Facebook is offering employees a one-time payment of $10k (if single) to $15k or more (if they have a family) to move within 10 miles of the Facebook campus in Menlo Park.
The money is meant to offset housing costs while bringing employees closer to the Silicon Valley offices, reducing their commute times. Facebook started offering the incentive in the past 12 months.
Other Silicon Valley tech companies offer similar programs to help their employees, raising some concerns that an influx of tech workers could drive up rents. The average Menlo Park rental is $3,600 a month, according to Trulia. [Reuters, SVBJ]