Employers should maintain detailed records for all of their current and
past employees. The Separation folder helps employers keep track of files relating
to an employee’s separation. This folder may contain information about
an employee’s last day, benefits, reasons for separation, and more.
Why the Separation Folder is important
It is important for employers to maintain a complete record pertaining to an
employee’s separation, even if the separation is on good terms. Not only
should an employer maintain the employee record for his or her own internal
use, but the employer may also want to have the records in the event that the
employee files a lawsuit against the employer for reasons related to the separation.
Employees have up to two years to file a lawsuit related to wrongful termination.
Therefore, employers should keep their separation records for at least two years.
In addition to information about an employee’s performance, the employer
may need to provide information pertaining to an employee’s pay or taxes.
In the event that the employer or the employee is audited, having financial
information for each employee in one location is essential in helping to find
important information efficiently. Financial information should be retained
for at least seven years for each employee.
There are many other forms and pieces of information that employers may wish
to keep pertaining to an employee’s separation. This separation folder
provides easily accessible tabs that help employers stay organized and efficient
– no matter what they’re looking for.
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Separation Folder Specifications:
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Inside
of folder contains final pay information, reason
for separation, exit interview, etc.
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Fields
for employee name, social security, job title,
etc.
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Space
for employee separation information.
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Section
listing inner contents of folder.
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