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Employee time cards should be kept for at least two years. For  employee leave and absences, records should be kept for at least  three years.ederal Law Federal law requires you to keep application records of non-hires for one to two years and hired employees for one year. The time period is affected by your compa â¦ ny size and type of organization, including affirmative action.
For purposes of the Age Discrimination in Employment Act (ADEA), employers are required to keep payroll records for the same length of time required under the FLSA -- three years from the termination date. However, other employee benefit information must be retained for only one year.he record keeping requirements for salaried, exempt employees differ slightly, only because exempt employees aren't entitled to overtime and, therefore, the employer wouldn't have proof of overtime paid. The FLSA requires that employers maintain nonexempt records for three years from the employment termination date.