FLSA requires certain records to be kept by all covered employers for all employees and retained for how many years?

The Fair Labor Standards Act (FLSA) mandates that covered employers maintain specific records related to employee wages, hours worked, and other employment conditions. The correct duration for retaining these records is a combination of two and three years, depending on the type of record.

For most payroll records, the retention period is three years. This includes records related to wage rates, hours worked, and employee classifications. However, for certain records, such as basic payroll records – which include records for which there is no specific time requirement set by other regulatory bodies – the period may be reduced to two years.

Hence, stating that records must be retained for "two or three years" accurately reflects the requirement for different types of records as prescribed by the FLSA, making it the most comprehensive answer available. This ensures compliance with the law while adequately covering the nuances of record-keeping requirements.