SingPost will increase prices for the first time in nine years
Singapore. Singapore Post is expected to raise its postage, package delivery, and doorstep parcel delivery starting on 1 January 2023.
This price hike was announced on 16 December, amid the increase in Goods and Services Tax and “exceptional inflationary cost increases across manpower, fuel, and electricity.”
Starting on 1 January 2023, there will be a GST increase from 7% to 8%. This hike will be staggered over the next two years. The next increase will take place on 1 January 2024, from 8% to 9%.
This is a necessary measure to moderate SingPost’s services and products to support delivery fulfilment sustainably.
Singapore offers one of the lowest postage rates in the world for a developed nation. Like our customers, SingPost has also been bearing the impact of inflationary cost increases across manpower, fuel, and electricity that have risen significantly,” said Neo Su Yin, Singapore CEO of SingPost.
“The adjustment in rates will help us maintain our service offerings and high service standards, and enable us to operate sustainably with the GST hike,” the CEO added.
For basic mail standard regular services, the rates for the first two weight steps on 20g and 40g will be increased from 30 cents and 37 cents to 31 cents and 38 cents.
Association stamps (first local stamp and second local stamp) will be 31 cents and 38 cents.
These will all start on 1 January 2023.
Starting on 1 January 2024, the 20g weight step will be increased to 32 cents and the 40g weight step will be raised to 39 cents.
Customers that have existing first and second local stamps can still continue using these stamps after 1 January 2023, and 1 January 2024 without needing to top up the price difference in postage, according to SingPost.
Starting on 1 January 2023, tracked mail will be priced at S$3.40 from S$2.55. Meanwhile, items that weigh up to 100g, 250g, and 500g will increase by 5 cents on 1 January 2023, and again on 1 January 2024.
Meanwhile, the Registered Service (Singapore) fee will also be changed from S$2.24 to S$2.27 on the same date. It will be S$2.30 on 1 January 2024.
This amount is payable on top of the applicable postage rates, said SingPost.
Currently, Smartpac, a postage-paid product that is delivered to the letterbox and is trackable from the time of posting until delivery, costs S$2.15 for both small and medium, and S$3.15 for the box.
Starting on 1 January 2023, an increase of 5 cents will be implemented for these products. Another 5 cents will be added on 1 January 2024.
The Speedpost standard delivery fee within Singapore will also be changed from S$6 to S$6.10 next year. By 2024, it will be priced at S$6.20.
“We remain committed to keeping our postal service relevant in the eCommerce age, bringing value to, and better serving the needs of our customers,” said Neo.
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