INTERNSHIP AFFILIATION REPORT ON Study of the “Retirement Plan between the United States and Bangladesh”

Abstract

This paper discusses several facets of the retirement plan procedure in the United States and Bangladesh. And by doing a comparison research, I attempted to determine how successful and well-regulated the United States Retirement Industry is, as well as how far behind and unstructured the Bangladesh Retirement Plan industry is. The paper begins with a description of the retirement process in the United States. Even in the situation of single proprietorship, there are several distinguishing aspects of US retirement policy that are so popular and widely adopted by both government and non-government organizations. Governmental laws, people's desire to save, people's right to know, contribution to the national economy, and contribution to the homeland economy are all reasons why this saving program is so popular. The United States government is acutely aware of the need of preserving retirees' rights and ensuring their financial security in retirement. Employers must follow guidelines set out by the Internal Revenue Service (IRS) and the Department of Labor (DOL) to administer their retirement benefit programs and provide retirement benefits to their employees. The retirement plan also permits the company's earnings to be taxed at a lower rate. The report's second section provides a brief overview of Bangladesh's retirement industry. There are several sorts of pension systems in both the public and commercial sectors that are both disorganized and completely unstructured. There are no clear standards for retirement benefits such as gratuity, benevolent fund, government housing, group insurance, and so on. In the third step, I attempted to determine how the retirement policies of the United States and Bangladesh varied in several key areas. Government laws, people's rights, economic participation, dependence, benefit amount, and other factors vary. Finally, I provided a few recommendations based on the findings, such as the government should be attentive and serious about preserving the rights of retirees. If the government modifies or reshapes its policy, it may be viable to implement a structured policy. This study will also assist Bangladesh in improving their retirement fund.