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Friday, January 27, 2023
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POSTAGE RATES SET TO BE INCREASED “IN TANDEM” WITH GST HIKE IN 2023 – SINGPOST

Singapore Post Limited (SingPost) will be raising postage, package delivery as well as doorstep parcel delivery rates from 1 January 2023 in tandem with the increase in Goods and Services Tax (GST) as well as exceptional inflationary cost increases across manpower, fuel and electricity.

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The GST increase was earlier announced in February 2022 by the Ministry of Finance and will be staggered over two years: from 7% to 8% from 1 January 2023, and 8% to 9% from 1 January 2024.

With 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.

Rates of selected domestic mail services to go up between 2 and 10 cents by 2024

SingPost will be adjusting the rates for the following services:

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Basic Services (letterbox delivery, no tracking capabilities)

Basic Mail – Standard Regular: 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 on 1 January 2023. The associated stamps – 1st Local and 2nd Local stamps – will be priced at 31 cents and 38 cents respectively from 1 January 2023.

From 1 January 2024, these two weight steps will be raised to 32 cents and 39 cents respectively.

The adjustments in rates are inclusive of the increase in GST, as well as reflect the exceptional cost increases. The last revision to rates took place nine years ago, in 2014.

Customers holding existing 1st and 2nd Local stamps may continue using these stamps after 1 January 2023 and 1 January 2024 without having to top up the difference in postage.

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GST is not applied on all other Basic Mail services for the public, including Standard Large and Non-Standard, hence their prices will remain unchanged.

Tracked Services (with tracking capabilities)

  1. Tracked Mail, now priced between $2.55 and $3.40, will see an increase from 1 January 2023. There will be an increase of 5 cents for items weighing up to 20g from 1 January 2023, and an increase of 5 cents for the 40g weight step from 1 January 2024. For items weighing up to 100g, 250g and 500g, there will be increases of 5 cents from 1 January 2023 and 1 January 2024 respectively.
  2. The Registered Service (Singapore) fee will be revised from $2.24 to $2.27 from 1 January 2023, and to $2.30 from 1 January 2024. This fee is payable on top of the applicable postage rates.
  3. Postage-paid products smartpac are delivered to the letterbox and trackable from the time they are posted until delivery. Now costing $2.15 each for smartpac Small and Medium and $3.15 for smartpac Box, there will be an increase of 5 cents from 1 January 2023 for these products. For the smartpac Box, there will be an additional increase of 5 cents from 1 January 2024.
  4. The Speedpost Standard delivery fee within Singapore will be revised from $6 to $6.10 from 1 January 2023, and to $6.20 from 1 January 2024.

SingPost committed to serving the needs of our customers

Ms Neo Su Yin, Singapore CEO, SingPost, said: “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. We remain committed to keeping our postal service relevant in the eCommerce age, bringing value to, and better serving the needs of our customers.”

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