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? 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. One of the most important things to remember is that the minimum two year duration only applies for federal purposes; state regulations may state otherwise, and you should research before discarding any these sensitive information.
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. 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. 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.
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. 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.