There are certain records that an employer should retain for certain period as specified under the applicable laws. Financial records to be maintained for e.g. as per the Companies Act, Tax laws. Under the payroll compliance, records relating PF, ESI, LWF, Compensation, etc.
Based on the line of business, the entities have to verify the laws that are applicable to them and ensure the records are maintained. For e.g. Banking laws, Building - Construction laws, Contract Labour Laws, etc.
With regard to employees’ other general records like emails, correspondence, logs, etc., the employer has to maintain these information for various purposes such as to verify, defend any claims, refer specific information, etc. Also employer should ensure that they retain records as per their regional, domestic data privacy laws to address the employees’ (data subject) requests (this is country specific).