Dear friend,
Beginning from your name, you could have given a little more information like why you are asking this query, are you the custodian of employee records, are you from HR and so on. These are the basics of business etiquette.
Secondly, you need to use the correct heading while raising a query. It is not "Employee Record Storage Time" but "Retention period for the documents of the ex-employees".
If the separation of the employee were under normal circumstances, then many companies preserve the employee file for at least five years. However, if the separation is because of disciplinary reasons, it may be ten years or more.
In some companies, the records of past employees are divided into three categories viz green, yellow and red.
Green is the one where separation happened in absolutely normal circumstances, yellow is the one where there was some problem, and the employee was told to put in papers. But in such a case, a note is preserved on why the employee was told to put in papers. The red is the one wherein an employee was terminated or dismissed on disciplinary grounds. The retention period of the documents of these employees is obviously for a longer period. In some companies, it is at least 15 years. In modern HRIS there is provision to categorise past employees accordingly.
There is no specific rule on the retention of the employee documents. You have to devise your own rule and retain the records.
Thanks,
Dinesh V Divekar
+91-9900155394