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! One of the pieces of information that an employer is required to retain is are identifying paperwork and information on hours worked and earnings on this website. 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.
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.
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. 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.
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. 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.