The Comparative Analysis of the Retirement Plan between Bangladesh and United States of America

Abstract

In this study, Comparison and comparison are used across a number of dimensions of the pension and retirement savings systems in Bangladesh and the United States. In addition, a synopsis has been provided of the compilation of knowledge and skill obtained over the term of the internship. This report's objective is to detail the strategy that Data-Path Ltd.'s plan followed and the activities that were taken to implement it. In the first half of this subject, we will discuss the retirement system in the country of America. Even in a lone being in charge, it is typical practice for government and non-government organizations in the United States, as well as sole proprietorships, to adhere to several distinguishing features of the United States retirement policy. This is true even in the case of a sole proprietorship. This savings plan has grown in popularity in recent years due to the following factors: government law, people's willingness to set aside money, people's right to know, contribution to the home country's economic growth, and contribution to the nation's economy. The federal government of the USA is fully conscious of the importance of safeguarding retired people's rights and providing them with financial stability in retirement, and it is dedicated to fulfilling these obligations. The Internal Revenue Service (IRS) and the Department of Labor (DOL) are two government agencies that determine the standards that firms must follow in order to administer retirement benefit schemes and provide benefits for retirement to its employees. Furthermore, the pension system allows the company's staff to save money on taxes associated with the organization's revenues. The Bangladesh Retirement Industry is also briefly described in this chapter. Multiple pension plans, both public and private, are available. Most private businesses lack any kind of structure or organization. Gratuity, benevolence fund, group insurance, and other retirement perks lack suitable rules. I looked for major distinctions between the retirement systems of the USA and Bangladesh. Everything from governmental regulations to individual rights to economic contributions to dependencies to benefit levels to others varies. In the last chapter, I presented various results that I had discovered. On the basis of these findings, I made a few suggestions, one of which was that the government should be concerned about and forthright in its efforts to protect the rights of retired individuals. It is feasible that a structured policy might be put into effect if the government decides to alter or reorganize the existing policy. Additionally, Bangladesh's provident retirement fund will get assistance from this research in order to be improved.