SingPost ups postage rates by 20 cents, an almost 65% increase, amid rising costs

Singapore Post ( SingPost ) will raise the postage rate for standard regular mail from 31 cents to 51cents, an increase of almost 65 percent, in response to rising costs and a decline in mail volume.

According to SingPost in its press release on Tuesday( Sep 19 ), the 20-cent increase reflects the” escalating costs of maintaining the telegraph service.”

Beginning on October 9 of this year, the new shipping prices will go into effect.

To assist in managing the postage increase starting at the end of October, SingPost also announced that it would distribute a second native stamp booklet of 10 stamps to each home.

According to SingPost, the last major rate increase occurred nine years back in 2014, when prices rose from 22 percent to 30 %.

Additionally, SingPost & nbsp stated that it will streamline the domestic postage rate structure,” including the elimination of the weight criteria, to make postal services more user-friendly, enhancing the customer experience, and provide greater convenience.”

For its Untracked Mail services, fat levels will be affected by this.

Price RISE IS” Essential.”

According to SingPost, the rate increase is required for it to” continue performing its duties as Singapore’s public post owner.”

It continued,” The modification will help address higher conveyance costs, more expensive labor, resources, and fuel.”

Additionally, it will aid in balancing the harm brought on by the” persistent reduction in postal levels.”

According to SingPost, the commercial viability of telegraph firms worldwide has been impacted by the international structural decline in post volumes over the past ten years brought on by digital disruption.

” Mail volumes decreased by more than 40 % between FY2018 / 19 and FY2022 / 23.”

According to Ms. Neo Su Yin, chief executive officer of SingPost, the company has been absorbing expansionary prices since 2014 and has maintained its shipping rates.

She stated that it is expected that we raise our prices in order to maintain a commercial viability and continue offering the nation’s vital postal service due to the mounting cost pressures and difficult business environment.

The rate increase, according to SingPost’s press release, will also enable it to & nbsp to investigate a longer-term more sustainable postal business model, balancing the need to remain profitable while protecting the shareholders’ interests.

To be cutting-edge and relevant into the future, the party stated that it is still dedicated to” providing high standards of quality post and package delivery services for Singapore, including the provision of self-service and modern platforms.”

” SingPost may also continue to improve its infrastructure for increased productivity and cost savings, while investing in sustainability initiatives to increase business resilience and drive green efforts towards a more lasting ecosystem.”

SingPost added that it is also collaborating with the Infocomm Media Development Authority( IMDA ) and nbsp to analyze the postal industry structurally and develop a longer-term plan to achieve commercial sustainability.