Rates of domestic bulk mail used by businesses will also increase.
“This increase is a necessary step to balance the structural cost of our domestic mail operations, while providing our customers with reliable services,” says Mark Chong, SingPost’s CEO. “It will enable us to continue fulfilling our national postal mandate while advancing SingPost’s transformation into a technology-driven logistics leader.”
In its Dec 9 release, SingPost notes that mail volumes in Singapore have fallen by 40% since FY2019/FY2020, which has led to postal service providers having to “balance rising costs to provide the service - including labour, energy, and infrastructure - against the postage collected”.
Shares in SingPost closed flat at 41.5 cents on Dec 8.
