The Art of Mastering
Exactly How Long Should You Keep Employee Paystubs as an Employer?
The government has rules and regulations that govern different aspects of businesses that owners have to adhere to and you should know now! 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. 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. 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. 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. 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.
The easiest way to keep an eye on all the important business documents you are required to keep regardless of duration is to have a central storage system that is only accessed by the authorized persons. 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. Now you know exactly how long you should keep employee paystubs.