SingPost to increase regular domestic postage rates by 10 cents from Jan 1
Sign up now: Get ST's newsletters delivered to your inbox
The new rate for standard regular mail and standard large mail will be 62 cents and 90 cents respectively.
ST PHOTO: KUA CHEE SIONG
Follow topic:
SINGAPORE – Singapore Post will raise rates for all regular domestic mail by 10 cents from Jan 1, amid declining mail volume, escalating costs and its modernisation efforts.
The new rate for standard regular mail and standard large mail will be 62 cents and 90 cents, respectively, SingPost said in a release on Dec 9.
Rates of domestic bulk mail used by businesses will also increase.
The change in postage rates will enable SingPost to continue to invest in modernisation efforts to improve customer experience and operational efficiency, it said.
It added that its efforts in the last 12 months to improve service quality and efficiency included enhancing its e-commerce capabilities and expanding its service touchpoints.
SingPost said the increase in postage rates is also aimed at addressing the “persistent structural decline” in mail volume and escalating operational costs.
It added that mail volumes in Singapore have fallen by over 40 per cent since the 2019/2020 financial year.
The revised rates also come amid a shift to digital communications that has left postal service providers having to balance rising costs in providing the service against the postage collected, SingPost said. These costs include labour, energy and infrastructure costs.
Chief executive Mark Chong said the price increase is a “necessary step” to balance the structural cost of domestic mail operations while providing customers with reliable services.
“It will enable us to continue fulfilling our national postal mandate while advancing Singapore Post’s transformation into a technology-driven logistics leader,” he said.
Rates for postage, package delivery and doorstep parcel delivery were last increased in 2023
Before 2023, SingPost’s postage rates had not been adjusted since 2014.
SingPost’s group operating profit
The decrease in operating profit comes on the back of increased market pressure and competition.
