How to do 'CPS Final Settlement' in IFHRMS - ( Full Guide )

Check out the above video to learn how to prepare a 'CPS Final Settlement' in IFHRMS (2021 Full Guide).

Visit - 👉 IFHRMS 👈 to do the IFHRMS "CPS Final Settlement" update process.

CPS Final Settlement refers to the satisfaction of all dues of an Insured Person which are payable by the Company under the policy terms. Typically, the 'Final Settlement Claim' is raised by the Policyholder which will be enquired by the Insurer.

Nowadays all universities are switching to IFHRMS Software for their HR work. Especially the universities run by state govt are commencing it since 1 month back. Actually, MHRD has also recommended to all universities so that can maintain transparency in their transfers.

Nowadays, the CPS department has been taking care of children from birth to death. There is a need for the various types of MIS reports capturing the impact on children, women and families at large.

These different MIS reports should be linked with each other. Here we will discuss the Final Settlement Form in IFHRMS means Final settlement form for all cases.

After deducting the amount of refund and adding the deposit under the head debit and credit transactions respectively we do the final settlement of each case in IFHRMS. It is also called the end of journey settlements as these cases will be closed after doing the next step i.e., final settlement.

The final settlement of CPS is done at the end of the entire cycle. The benefit amount is known at this stage, which will be credited to the beneficiary account.

It is only after the final settlement that bank account numbers or bank details are given to the beneficiary so that he can withdraw the money from his own bank account.

Overview of "CPS Final Settlement" in IFHRMS

Final Settlement for CPS (Control Plan Scheme) in IFHRMS is mandated when CPS is 30 years old. If the final settlement is not done by the CPS, the CPS will expire in 30 years.

The CPS Final Settlement is the process through which CPS members are settled and compensated.

CPS Final Settlement is a technical matter which involves lots of documents and legal procedures. It demands a high level of skill and knowledge.

For example, it demands that the positions of the CPS members be summarized in a document called a "balance sheet". This document shows the financial position of the CPS members.

The CPS Final Settlement is a complex matter and involves lots of documents. Therefore, it demands a high level of skill and knowledge.

An audit committee is appointed to oversee the CPS Final Settlement. The audit committee consists of 5 members.

A compensation specialist or compensation consultant is appointed to carry out the audit. The compensation specialist or compensation consultant is independent and impartial.

The compensation specialist or compensation consultant must perform an audit according to the standards of the IFRI. The IFRI stands for the Institute of Chartered Accountants of India.

The compensation specialist or compensation consultant must prepare a report. The report must be approved by the audit committee.

The audit committee must approve the findings of the compensation specialist or compensation consultant.

The compensation specialist or compensation consultant provides compensation to CPS members.

The compensation specialist or compensation consultant prepares a financial report. This report must be approved by the audit committee.

The audit committee must approve the findings of the compensation specialist or compensation consultant.

The steps to do 'CPS Final Settlement' in IFHRMS are:

1. Set a CPS group code and CPS group ID
2. Specify the CPF amount and the CPF preference.
3. Enter the amount and the date when settlement should be made.
4. Determine the CPS group code and CPS group ID for the settlement.
5. Enter the CPF amount and the CPF preference.
6. Enter the date when settlement should be made.
7. Determine the CPF group code and CPS group ID for the settlement.
8. Fill in the CPF amount, the CPF preference, the date when settlement should be made, and the amount and date when settlement should be made.
9. Review the confirmation.
10. Make the payment.
11. Receive the confirmation.
12. Create the CPS final settlement file.

Conclusion

CPS Final Settlement is a process of conciliation between the parties involved. The employers and the employees have to deliver their statements and then submit the conciliation report.

The conciliation report is submitted to the CPS. In CPS Final Settlement, the conciliation process is finalized where the conciliation report is submitted.

CPS Final Settlement is the process where both the employers and employees have to submit their statements. The conciliation report is submitted along with the final statements.