Exactly How Long Should You Keep Employee Paystubs as an Employer?
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. 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. As a business owner, you understand the importance of the documents to your employees or you can click the website for more on why you should keep them. 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. If you have done a wonderful job of keeping your employees’ paystubs for at least two years, it is always advisable to check the state laws and regulations regarding this duration which can differ from one state to another.
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.
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.
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. 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.