Singapore Post (SingPost) will be raising postage, package delivery and doorstep parcel delivery rates from Jan 1, 2023.

The announcement on Friday (Dec 16) comes in tandem with the increase in Goods and Services Tax (GST) and "exceptional inflationary cost increases across manpower, fuel, and electricity".

There will be an increase in GST from 7 per cent to 8 per cent on Jan 1, 2023. The hike will be staggered over the next two years, with the increase from 8 per cent to 9 per cent taking place on Jan 1, 2024.

Due to the increase in GST and significant rise in operating costs, there is an imperative need to moderate the prices of SingPost’s products and services, in order to support the fulfilment of deliveries in a sustainable manner, the company said.

On the price revision —  the first time the company is doing so since 2014 — Singapore CEO of SingPost, Neo Su Yin, added: "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.

"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."

BASIC SERVICES

For basic mail standard regular services, the rates for the first two weight steps of 20g and 40g will be raised from 30 cents and 37 cents to 31 cents and 38 cents respectively, from Jan 1, 2023.

The associated stamps — first local stamp and second local stamp — will be priced at 31 cents and 38 cents on the same date.

From Jan 1, 2024, the 20g weight step will be raised to 32 cents and the 40g weight step to 39 cents.

Customers holding existing first and second local stamps may continue using these stamps after Jan 1, 2023, and Jan 1, 2024, without having to top up the difference in postage, said SingPost.

GST is not applied to all other basic mail services for the public, including standard large and non-standard, and their prices will remain unchanged.

TRACKED SERVICES

Tracked mail, now priced at S$2.55 and S$3.40, will see an increase on Jan 1, 2023.

Items that weigh up to 20g will see an increase of 5 cents, while the 40g weight step will see an increase of 5 cents on Jan 1, 2024.

For items weighing up to 100g, 250g, and 500g, there will be an increase of 5 cents from Jan 1, 2023, and again on Jan 1, 2024 respectively.

The Registered Service (Singapore) fee will also be revised from S$2.24 to S$2.27 on the same date, and to S$2.30 on Jan 1, 2024.

This fee is payable on top of the applicable postage rates, added SingPost.

Smartpac, a postage-paid product delivered to the letterbox and trackable from the time of posting until delivery, currently costs S$2.15 for both small and medium, and S$3.15 for the box.

An increase of 5 cents will implemented on Jan 1, 2023, for all three products, while the box will go up a further 5 cents from Jan 1, 2024.

The Speedpost standard delivery fee within Singapore will also be revised from S$6 to S$6.10 on Jan 1, 2023, and to S$6.20 exactly a year later.

Ms Neo said: "We remain committed to keeping our postal service relevant in the eCommerce age, bringing value to, and better serving the needs of our customers.” CAN

Source:
courtesy of TODAY

by TODAY ONLINE

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