Exactly How Long Should You Keep Employee Paystubs as an Employer?
For anyone who has been harboring the dream of being their own boss by investing in a business, there are tons of things and regulations that you will discover more on here! Legal papers that can help in identifying your employees and their paystubs showing hours worked and earnings are some of the things you are required to by law to maintain as discussed here. 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.
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.
Hefty fines and lawsuits are some of the dire consequences that usually come with allowing your employees’ sensitive information like social security numbers to be leaked or accessed by unauthorized persons, which is why you need state-of-the-art security. 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.
For convenience and easy of retrieval when the time comes, An employer should ensure they have single storage room where all the important business documents are placed under lock and key because they can be needed at any time and should not be accessed by just anyone. 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.
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