Currently, for those below the age of 35, 37 per cent of their wage is contributed to the Central Provident Fund - 23 per cent to the Ordinary Account, 6 per cent to the Special Account, and 8 per cent to the Medisave Account.

However, when we are young, we need more in the Ordinary Account, especially for young couples starting a family.

Perhaps the amount allocated to each account could be adjusted for young couples, for instance, 34 per cent to the Ordinary Account, 1 per cent to the Special Account and 2 per cent to Medisave.

To ensure citizens have enough funds for their retirement, the proportion can be compulsorily adjusted after the age of 35.

For example, it can be changed to 10 per cent to the Ordinary Account, 12 per cent to the Special Account and 15 per cent to Medisave.

By that age, citizens will be more financially stable, and will have less need for the Ordinary Account to service loans. They may then prefer more to be in their Special Account and Medisave.

Alternatively, those below 30 could be allowed to withdraw up to 70 per cent of the funds in their Special Account for property purchases.

I hope the CPF Board would consider these suggestions that give Singaporeans more options in taking greater control of their retirement and property planning.

Han Yongyuan