Credit more wages to Special Account for retirement

In his commentary “Cap use of CPF monies for housing” (Sept 24), the writer suggested that the liberal use of the Central Provident Fund Ordinary Account for housing constrains retirement adequacy. Hence, a cap might leave more funds for retirement.

There are already withdrawal limits for housing, though, and he did not suggest whether these — the valuation limit and the withdrawal limit — must be tightened.

I agree that more funds should be channelled to retirement, but do this by rebalancing CPF contribution rates such that 10 per cent of wages are credited to the Special Account for those aged 50 years and below.