Employers Ultimate Guide to the Duration of Keeping Employee Paystubs
If you are thinking of starting a business, it is advisable to know everything you will be getting yourself into as discussed on this page, including the rules that govern record keeping. As an employer, one of your primary tasks will be maintaining various information for your employees shown on this site including paystubs and identifying documents. However, this does not mean you have to keep them forever, there is a specific duration for that but just how long should keeping these sensitive documents take? You can read more on the answers to these questions below.
A minimum of two years if the duration you have to keep your employees’ paystub records if that was your first question; it may seem inconvenient to some people but you never when this sensitive information may come in handy. One of the most important things to remember is that the minimum two year duration only applies for federal purposes; state regulations may state otherwise, and you should research before discarding any these sensitive information.
You need to know where to know or have a safe location to keep your employee pay stubs and information relating to working hours and wages to avoid them falling into the wrong hands; keep them under lock and key while remaining easily accessible at any time. Given the severe consequences that can arise from not keeping paystub and other information related to hours and wage confidential, you cannot afford to take any chances, hence, the importance of choosing a site that offers restricted access.
Hefty fines and lawsuits are some of the dire consequences that usually come with allowing your employees’ sensitive information like social security numbers to be leaked or accessed by unauthorized persons, which is why you need state-of-the-art security. If you are thinking these are the only documents you are required to keep, you couldn’t be more wrong because there are some like payroll records and sales records that you are usually required to keep for longer than two years.
For convenience and easy of retrieval when the time comes, An employer should ensure they have single storage room where all the important business documents are placed under lock and key because they can be needed at any time and should not be accessed by just anyone. As you can see, these documents should be kept for at least two years although state rules may say otherwise. With the help of this guide, you can find answers to all the questions that have been bothering you regarding the keeping of these documents.