Employers Ultimate Guide to the Duration of Keeping 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. 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.
The answer to your first and most obvious question is that employers are required to keep paystub information for a minimum of two years; you have to keep a record of their wages and hours of work for this duration before you can get rid of them. 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.
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.
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. 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.
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. 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.