The Infocomm Media Development Authority had approved SingPost’s request to raise postage rates to better reflect the cost of delivering letters, said the Senior Minister of State for Communications and Information.
SINGAPORE: Even after a price hike that will kick in in the coming days, postage rates in Singapore will remain comparable to those in other countries, Senior Minister of State for Communications and Information Tan Kiat How said in parliament on Wednesday .increase the postage rate for standard regular mail
Member of Parliament Yip Hon Weng had asked if the Infocomm Media Development Authority was aware of SingPost’s projected revenue as a result of the postage increase and if IMDA’s approval was required before the postage rates increased. SingPost’s core business in Singapore is post and parcel, which incurred operating losses of S$16 million.
He added that the boost to revenues may not compensate for the accelerated decline of letter volumes if customers opt for more e-substitution. The senior minister of state added that all first and second local stamps will also be honoured even after the postal rate increase.
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