First hike in postal rates in eight years on Oct 1

POSTAGE rates will go up from Oct 1, creating additional revenue for Singapore Post (SingPost) as the national postal service provider grapples with a challenging operating environment and higher costs.

In an announcement to the Singapore Exchange (SGX) on Tuesday, SingPost said the revision to postage rates would be the first since 2006, while costs (including labour and fuel) have gone up nearly 50 per cent. And while expenses are trending upwards, the opposite is true for domestic mail volumes, which declined 3.1 per cent between 2011 and 2013.

However, SingPost is also investing S$100 million in enhancing its postal and delivery infrastructure, its operations as well as its staff in a bid to boost productivity and raise service standards.