Facebook users are receiving notifications about the forthcoming update on the social networking site's privacy policy. The company is revamping its privacy policy to tailor the content recommendations and advertising that will appear on users' timelines starting Jan. 1, 2015. 

Facebook will offer users the new Privacy Basics that will enable users to customize their privacy settings. Users can now change how they want to share information based on "what you see," "what others see about you," and "how others interact with you." Basically, users will be in charge of what they will see in their Newsfeeds. The new privacy policy will also include changes in data collection, advertising and tracking cookies. 

The change in the privacy policy is to show transparency on the methods used by Facebook. Moreover, it includes details on how the site obtains the location of the user as well as about the new Buy button, which enables user to make purchases without leaving the page, which is a feature that most businesses like. 

According to Facebook, when users continue using Facebook by next year, it means that they agree to the new terms of service and privacy policy. 

Meanwhile, the top social media site is set to launch the version of the website meant for professionals, dubbed as Facebook at Work, which is currently in beta testing stage. The new version will battle against LinkedIn. This will enable users to make separate accounts for personal and professional purposes. 

Some companies do not allow their employees to view their various social media accounts at work. However, Facebook has been proven to be beneficial in connecting people like business contacts and colleagues, which has encouraged Facebook CEO Mark Zuckerberg and his team to explore a workplace version of the social networking site. According to reports, Facebook at Work will retain most of the features of Facebook but will allow co-workers to chat and collaborate for projects. Selected users can access the new version of the site after the holidays, but no exact release date has been announced.