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! 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.
A minimum of two years if the duration you have to keep your employees’ paystub records if that was your first question; it may seem inconvenient to some people but you never when this sensitive information may come in handy. 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.
The next question you should find an answer to is where to keep these sensitive documents; the answer is very simple; these documents need to be kept in a safe location that is easily accessible because you never when you may have to retrieve them. 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. 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.
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. 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. Now you know exactly how long you should keep employee paystubs.
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