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United states Postal Service plans to increase stamp cost to 73 cents

United States Postal Service

Stamp Costs are to be increased by the United States Postal Service to 73 cents. The latest in a string of stamp increases over the previous three years, the US Postal Service proposed an overall increase in postage costs on Tuesday of almost 8 percent.

July would see the implementation of the new rates, assuming an impartial regulatory commission grants its approval. A Forever stamp would now cost 73 cents instead of 68 cents.  And domestic postcards would now cost 56 cents instead of 53 cents, among other adjustments.

In addition to aggressively raising stamp prices, USPS is currently implementing a 10-year restructuring plan that was unveiled in 2021. It is intended to eliminate $160 billion in projected losses over the following ten years. Before this, the company had projected 2023 to be a breakeven year.

United States Postal Pricing Policy

Its new pricing policy is expected to generate $44 billion in additional revenue by 2031. United States Postal Service has raised stamp Costs twice yearly. Legislators have expressed concern about USPS’s proposed modifications to its processing and delivery network, which may affect on-time delivery.

U.S. President Joe Biden signed legislation in April 2022 to give USPS financial relief totaling approximately $50 billion over ten years. The White House is under pressure from postal unions to appropriately value the assets and liabilities of the USPS pension. After over 80 Democrats in the US House of Representatives wrote to Joe Biden to request that he nominate candidates for open seats, citing delays in delivery and rising expenses. The White House proposed former Labor Secretary Marty Walsh to the U.S. Postal Board of Governors in February.

The Greeting Card Association and the Association for Postal Commerce commissioned the report. That states that “if rate increases continue to proceed at this frequency without critical review and analysis, it risks plummeting volume further and exacerbating USPS’s financial challenges.”

USPS rate increase in 2024

USPS predicted a $6.3 billion deficit in 2024, but in November, the company reported a $6.5 billion loss for the fiscal year 2023. Postal customers have previously been cautioned by the U.S.  Now stamp rate is 73 cents till further order.

The Postal Service stated in its filing that it is also requesting price adjustments for special services like certified mail and money order fees. All USPS rate increases in 2024.

The postal service announced that post office box rentals would not see a price increase and that mailing items would result in a 10% reduction in postal insurance.

Postage stamp cost

Postage stamp costs could be increased by 5 cents in July according to the new USPS Proposal announced on Tuesday.

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