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. Continue reading to learn the answers to all these questions.
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. Employee paystubs are required to be kept for a minimum of two years for federal purposes but each state has a slightly different period for keeping these items, therefore, if you are unsure about the local regulations, be sure to check before throwing any wage-related items out.
The next question you should find an answer to is where to keep these sensitive documents; the answer is very simple; these documents need to be kept in a safe location that is easily accessible because you never when you may have to retrieve them. When you are choosing a location for your employees’ paystubs and other sensitive information, you should not only be thinking about convenience but security too; only employees with the right clearance should be allowed to access them.
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. 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. 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. This is everything you should know about keeping employee paystubs and why you should do it.
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