Guide to How Long to Keep Employee Paystubs
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. 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. However, this does not mean you have to keep them forever, there is a specific duration for that but just how long should keeping these sensitive documents take? You can learn more on how long to keep employee paystubs in the article below.
When you are running a paper-based business that lacks electronic record keeping, your offices will likely be cluttered since the law requires your to keep your employees’ paystubs for a minimum of two years; paystubs, piecework tickets, time cards and wage rate tables all have to be kept for at least two years. 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. 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.
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. 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.
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. 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. 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.