Employers Ultimate Guide to the Duration of Keeping Employee Paystubs
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! 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. 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. 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. 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.
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. 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. This is everything you should know about keeping employee paystubs and why you should do it.
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