Comparative Study on Retirement Plan between Bangladesh & U.S.A

Abstract

This report is all about how the retirement plan is operated in the USA and Bangladesh. It is the comparative study I have tried my best to know how effectively and efficiently the USA retirement industry is regulated. On the other hand, In Bangladesh, the retirement industry does not have that much Infrastructure to operate and maintain properly. First, Here I would like to explain about the USA retirement procedure. There are various well-known features, rules, and regulations which is set-up by the US Government to make the retirement industry more effective and efficient. They are working for all types of public and private companies which is situated in the USA. The US government is very conscious and enthusiastic about protecting and financially safeguarding the interests of elderly people in retired life. The IRS (Internal Revenue Service) and DOL (Department of Labor) provide the employer with instructions for handling the retirement pension plan to provide retirement benefits to their employees. The retirement plan also allows the employer to get tax benefits on the company's earnings. The Bangladesh Retirement Industry is mentioned briefly in the second stage of the study. There are various forms of pension schemes that are unorganized and completely unstructured in both the government and private sectors. No proper retirement plan guidelines such as gratuity, Benevolent Fund, government housing, community benefits, etc. I tried to identify how USA and Bangladesh retirement policies differ on some important points in the Third Phase. There are also variations in government laws, people's rights, economic contribution, reliance, amount of profit, etc. Finally, based on the analysis I provided some necessary recommendations that secure the privilege of retired persons, such as the government should be concerned and genuine. If the government changes or reshapes the policy, it might be necessary to put in a structured policy. This report would also help Bangladesh boost its provident fund for retirement.