Amidst a world of instant messaging and instant gratification from social media apps, the idea of snail mail sounds romantic.
Imagine writing a letter to your friend or family and sending it via post. This idea sounds cute, doesn’t it?
Well, come 1 January 2023, you may want to reconsider sending a letter or gift via postage if you want to save some money.
SingPost To Raise Postage Fees
From 2023, SingPost will raise prices for postage, package delivery and doorstep parcel delivery.
This decision was made due to the increase in inflationary costs in Singapore, causing manpower, fuel and electricity to cost more money.
This decision also comes in preparation for the upcoming increase in Singapore’s goods and services tax (GST).
Reader: *Groans* Not again!
I hear you, reader. I’m not a fan of our good friend GST either.
How the Adjusted Prices will Look Like
Currently, standard regular basic mail weighing up to 20g is priced at 30 cents. However, the price will increase to 31 cents in 2023 and 32 cents in 2024.
For standard regular basic mail reigning up to 40g, the price will increase to 38 cents in 2023 and 39 cents in 2024.
Tracked mail (i.e. also known as “registered mail” to many), currently priced between $2.55 and $3.40, will increase by 5 cents for items weighing up to 20g come 2023 and increase by 5 cents for items weighing 40g in 2024.
For those who like to invest a bit more in faster delivery, take note that the Speedpost Standard delivery fee within Singapore will increase from $6 to $6.10 from 1 January 2023, and to $6.20 from 1 January 2024.
Notably, SingPost’s postage rates have not changed since 2014. Furthermore, prices for basic mail services such as standard large and non-standard mail will remain unchanged.
If you think you can escape the GST hike by not using local postage and just do your shopping instead, think again!
From 2023, GST will be imposed on all imported goods, including goods you shop for online through overseas retailers.
Sorry Shopee addicts.
Increase in Singapore’s GST
Right now in 2022, our GST is 7%, which has been the case since 2007.
However, after 15 years, it has been decided that the GST will increase to 8% from January 2023 and then 9% from 2024.
Right now, 1 in 7 Singaporeans is considered seniors. However, by 2030, this will increase to 1 in 4 Singaporeans, partly due to the lengthened life expectancy. Thus, Singapore would need to spend more on healthcare.
In addition, the gahmen wants to work towards providing parents with better childcare support, thus needing more money to provide accessible, affordable and quality early childhood education.
Furthermore, with the rise of technology, not only do we face physical threats like terrorist attacks, but are also susceptible to cyber attacks, meaning that we need more money to maintain the country’s security.
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Featured Image: nashriq mohd / Shutterstock.com
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