The retention period for documents varies depending on the type of document and regulatory requirements. Here are some general guidelines:
- Financial Records: Typically, financial records should be kept for at least seven years. This includes tax returns, financial statements, and audit reports. - Employee Records: Employee records should be retained for at least six years after the employee leaves the company. - Contracts and Agreements: Contracts should be kept for the duration of the contract and a specified number of years after its termination, usually six to seven years. - Customer Data: The retention period for customer data varies, but it is essential to comply with data protection regulations like GDPR.