Guide to How Long to Keep 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! 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. 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 read more on the answers to these questions 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. 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. Another thing you should know about where you decide to keep this sensitive information is security; in as much as the place has to be easily accessible for convenience, it should has 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. 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.
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. 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. Now you know exactly how long you should keep employee paystubs.