Korea Post to increase postage rates by 9.5% next year

Korea Post said Friday it plans to raise postal charges by 9.5 per cent in the first half of next year.

The state-run postal authorities attributed the hike to worsening foreign exchange terms and the failure of postal rates to cover the cost price which the postal service spends to accept, process and deliver mail.

Postage for a standard domestic letter will rise to 190 won (US$0.15) from the current 170 won, while registered mail will go from 1,000 won to 1,100 won.

International mail charges will climb 10.4 per cent on average.

Priority postal charges, meanwhile, will drop: rates for mail weighing 5-25 grams will be 60 won lower and those for mail weighing 25-50 grams 70 won less.

Higher postal rates are also needed to raise funds to build post offices in newly-created cities, Korea Post said.

Asia Pulse