Generally any company records are to be maintained for 10 years as per the law. Old records should be archieved either in electronic or physical form and put in a safe store which is easily retrievalble.
From India, Mumbai
25From India, Mumbai
Please enlighten me as to which law requires the records to be kept form10 years ?
From India, Mumbai
From India, Mumbai
Hi, I am attaching a article which talk about retaining of employee data. This will give a brief overview about asia pacific countries.
From India, Mumbai
From India, Mumbai
Read part for india (page 55)
It does not talk of any law requiring to keep records for 10 years
It clearly says the requirement is of 3 years
And that companies keep records for 8 years for income tax purposes.
Incidentally, income tax rules require keeping accounts and supporting documents. Supporting documents are vouchers and bills. At best salary sheet. Rest of the documents are not required to be kept beyond 3 years
From India, Mumbai
It does not talk of any law requiring to keep records for 10 years
It clearly says the requirement is of 3 years
And that companies keep records for 8 years for income tax purposes.
Incidentally, income tax rules require keeping accounts and supporting documents. Supporting documents are vouchers and bills. At best salary sheet. Rest of the documents are not required to be kept beyond 3 years
From India, Mumbai
[Personnel Records Retention
The following retention periods are recommended for specific personnel documents:
Applications/Resumes (employed) 6 years after last action
Applications/Resumes (not hired) 6 years after selection process completion
Status/Change of Status Forms 6 years after updated
Job Descriptions 6 years after updated
Employee Performance Appraisals/Evaluations 6 years after termination
Retirement Correspondence 6 years after last action
Insurance Enrollment Notices 6 years after last action
Position Information Questionnaires & Reclassification Requests 6 years after updated
Leave Reports 6 years
Request for Leave Records 6 years
Time Cards 6 years
Payroll Records 5 years
Job Announcements 6 years after selection process completion
Medical Records Related to or Required by Employer 6 years after last action
I-9 Employment Eligibility Verification 3 years after hire or 1 year after termination, whichever is later
Lawsuits or Actions for Recovery of Overtime, Damages, Fees, or Penalties 2 years after the accrual of such claim for relief
Recommendations
If there is any legal action regarding an employee or former employee initiated by anyone, all records regarding the employee or former employee should be retained until the completion of the legal action or the end of the retention period, whichever is later.
Use of personnel records may extend the retention period for those records. To allow for the possibility of a defamation case regarding any personnel files, the retention periods for those records should be changed to six years after last action. This retention period would prevent the agency from disposing of the records until six years after the last action; i.e. reference for an ex-employee; ex-employee requesting information from his/her file; termination of employment.
Always check with legal counsel before destroying documents regarding employees who have been involved in legal action.
From India, Mumbai
The following retention periods are recommended for specific personnel documents:
Applications/Resumes (employed) 6 years after last action
Applications/Resumes (not hired) 6 years after selection process completion
Status/Change of Status Forms 6 years after updated
Job Descriptions 6 years after updated
Employee Performance Appraisals/Evaluations 6 years after termination
Retirement Correspondence 6 years after last action
Insurance Enrollment Notices 6 years after last action
Position Information Questionnaires & Reclassification Requests 6 years after updated
Leave Reports 6 years
Request for Leave Records 6 years
Time Cards 6 years
Payroll Records 5 years
Job Announcements 6 years after selection process completion
Medical Records Related to or Required by Employer 6 years after last action
I-9 Employment Eligibility Verification 3 years after hire or 1 year after termination, whichever is later
Lawsuits or Actions for Recovery of Overtime, Damages, Fees, or Penalties 2 years after the accrual of such claim for relief
Recommendations
If there is any legal action regarding an employee or former employee initiated by anyone, all records regarding the employee or former employee should be retained until the completion of the legal action or the end of the retention period, whichever is later.
Use of personnel records may extend the retention period for those records. To allow for the possibility of a defamation case regarding any personnel files, the retention periods for those records should be changed to six years after last action. This retention period would prevent the agency from disposing of the records until six years after the last action; i.e. reference for an ex-employee; ex-employee requesting information from his/her file; termination of employment.
Always check with legal counsel before destroying documents regarding employees who have been involved in legal action.
From India, Mumbai
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EMPLOYEE RECORD.doc