Retirement plan: Bangladesh and The USA comparative study

Abstract

Several facets of the retirement plan procedure in Bangladesh and the United States are explained in this study. And using a comparison analysis, I attempted to determine how far Bangladesh lags behind the United States in terms of retirement plan structure and how efficient and well-regulated the American retirement industry is. The study begins by outlining the USA Retirement process. Even in the case of sole proprietorship, there are several unique aspects of US retirement policies that are extremely well-liked and frequently utilized by both government and non-government firms. Government regulations, people's willingness to save, people's access to information, and contributions to the national and local economies are the main reasons why this saving strategy is so well-liked. The US government genuinely cares about safeguarding the rights of retirees and providing them with financial security in their latter years. The Department of Labor (DOL) and the Internal Revenue Service (IRS) offer instructions to employers on how to administer retirement benefit plans so that employees can receive retirement benefits. The retirement plan also saves the employer money on taxes related to the company's profits. The report's second section provides a brief overview of the retirement market in Bangladesh. There are several disorganized and completely unstructured pension systems in place in both the public and commercial sectors. Inadequate regulations regarding retirement benefits such as gratuity, charitable contributions, public housing, group health insurance, etc. In the third step, I made an effort to pinpoint some significant differences between retirement policies in Bangladesh and the United States. There are also differences in the quantity of benefits, government regulations, people's rights, economic participation, and reliance. Lastly, I offered a few recommendations based on the results, such as the government's genuine interest for defending retirees' rights. If the government modifies or reshapes the policy, it could be feasible to introduce a structured policy. Bangladesh will also benefit from this report's improved retirement provident fund.