How to submit 'CPS Missing Credit' in IFHRMS - ( Full Guide )

Check out the above video to learn how to do 'CPS Missing Credit' in IFHRMS (2021 Full Guide).

Visit - 👉 IFHRMS 👈 to do the IFHRMS 'CPS Missing Credit' process.

In 2016, the IFHRMS introduced CPS (Credit for Participation in Scheme), which replaced the earlier CRT (Credit for Retiral). The CPS provides credit to an employee for participation and contribution in the pension scheme.

The CPS is a non-statutory benefit that is available to all employees, whether pension eligible or not. The CPS is notional in nature, but the employer is required to pay the credit as specified under the CPS.

The CPS credit is notional in nature and cannot be withdrawn. However, it can be carried forward to the next year and carried forward to the subsequent 5 years. The CPS credit is non-taxable.

However, if the employee is not eligible to claim any pension benefit under the scheme, then the employer may claim the credit from EPFO.

The CPS is a non-statutory benefit. Therefore, the benefit is not liable for PF deduction. However, if the employer or the Director is liable to pay any PF deduction, then they are required to deduct PF @ 1% of the pensionable salary for the CPS, from the salary of the employee.

However, if the employee is not eligible to claim any pension benefit under the scheme, then the employer may claim the credit from EPFO.

The CPS credit is notional in nature and cannot be withdrawn. However, it can be carried forward to next year and carried forward to subsequent 5 years. The CPS credit is non-taxable.

However, if the employee is not eligible to claim any pension benefit under the scheme, then the employer may claim the credit from EPFO.

How to submit 'CPS Missing Credit' in IFHRMS?

The US Health Care Reform bill sets out a new requirement for employers to provide health insurance for their employees. This requirement is called the ‘employer mandate’.

In March 2010, the HHS (Health and Human Services) issued regulations on how employers should report compliance. The HHS has subsequently issued updates, the latest of which was in June 2010.

The HHS guidelines specify that employers can use the 2008 version of the International Federation of Health Plans’ (IFHRMS) 'CPS Missing Credit' form to report compliance.

The June 2010 update to the HHS guidelines, however, states that employers should not use the CPS Missing Credit form, and should use the 'IFHRMS Employer Health Coverage' form instead.

This update has been criticised by some of the experts consulted by the HHS.

The June 2010 update to the HHS guidelines also specifies the use of 'INFORMS' by employers to report compliance. This form has not been updated by IFHRMS since 1995.

The 'IFHRMS Employer Health Coverage' form has been revised by IFHRMS since 2008 but is NOT yet updated to 2010.

The steps involved in IFHRMS 'CPS Missing Credit' submission are:

1. Login to www.ifhms.org with the user id and password provided to you by IFHRMS.

2. Click on the 'APS' tab on the top right of the screen.

3. Click on 'View Credentials' under the 'APS' tab.

4. Click on the ‘Download’ button.

5. Save the credentials on your desktop.

6. Login to www.ifhms.org with the user id and password provided to you by IFHRMS.

7. Click on the ‘APS’ tab on the top right of the screen.

8. Click on ‘View Credentials’ under the ‘APS’ tab.

9. Click on the ‘Upload’ button.

10. Select the credential file on your desktop.

11. Click on the ‘Upload’ button.

12. Select the file.

13. Click on ‘Confirm’.

14. Enter your name, college, email-id, and phone number.

15. Click on ‘Submit’.

16. The file will be verified by the IFHRMS Team and the confirmation message will be displayed.

17. Click on ‘Print’.

18. Print the confirmation page.

19. Submit the printed confirmation page to the Invigilator.

20. The submission will be verified and your certificate will be e-mailed to you.

The 'IFHRMS Employer Health Coverage' form should be used for employer reporting. This form has been revised by IFHRMS since 2008 and is up to date. The 'CPS Missing Credit' form should be used for employee reporting.