Guide to How Long to Keep Employee Paystubs
The government has rules and regulations that govern different aspects of businesses that owners have to adhere to and you should know now! 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. Some of the things you need to know about is how long and where these sensitive employee documents should be kept before taking the leap. 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.
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. Another thing you should know about where you decide to keep this sensitive information is security; in as much as the place has to be easily accessible for convenience, it should has restricted access.
This may seem a little too much to some business owners, but given your employees’ sensitive information like social security numbers and addresses are on these documents, you can see why it is important to keep them under lock and key. You should know that the government is interested in and governs more than just employee-related documents, therefore, you need to know everything you are required to keep and for how long before getting rid of anything important.
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. If you have been having questions about keeping employee paystubs, here are some of the answers and important reasons to keep them around for the required duration. Now you know exactly how long you should keep employee paystubs.
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