What is the general guideline for retaining wage records?

The general guideline for retaining wage records for most employers is two years. This timeframe is primarily set by the Fair Labor Standards Act (FLSA), which mandates that any employer must keep records of wages, hours worked, and other related information for at least two years. Retaining wage records for this duration ensures that employers can comply with both federal and state labor laws, which may require these records in the event of audits or disputes regarding employee compensation.

While some jurisdictions and specific regulations may require longer retention periods for other types of employment-related records, the two-year guideline remains the most widely accepted standard for wage records. This duration allows for a reasonable timeframe to address any potential claims or legal matters that may arise related to employee wages or hours worked.