Employers Ultimate Guide to the Duration of Keeping Employee Paystubs
For anyone who has been harboring the dream of being their own boss by investing in a business, there are tons of things and regulations that you will discover more on here! One of the pieces of information that an employer is required to retain is are identifying paperwork and information on hours worked and earnings on this website. 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? Continue reading to learn the answers to all these questions.
When you are running a paper-based business that lacks electronic record keeping, your offices will likely be cluttered since the law requires your to keep your employees’ paystubs for a minimum of two years; paystubs, piecework tickets, time cards and wage rate tables all have to be kept for at least two years. 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.
When it comes to keeping employee paystubs and information related to hours or wages, the trick is to find a secure location that you can access at any time for convenience in case they have to be retrieved; in case you decide to keep them on your premises, they should be on the main site. 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.
You are not only keeping paystubs and other information relating to working hours but also the sensitive information embedded in them like social security numbers, which is why you should pay for the latest security systems and ensure there is restricted access. Paystubs and information relating to hours and wages should be kept by every business owner for at least two years, however there are some that should be kept for at least while others need to remain in the records for even longer; your don’t just stop with paystubs.
Other important documents like purchase and sales records should be stored in the same location as the paystubs and other employee-related documents and given the same level of security. These are the answers to all the questions you may have regarding keeping employee paystubs and why they are important; you don’t need to throw any important documents out anymore. 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.