[Stay on top of transportation news: .]
USPS Proposes 4-Cent Stamp Increase to 82 Cents
Postal Service Says April 9 Proposal Would Take Effect July 12 if Approved by PRC
Key Takeaways:
- The U.S. Postal Service proposed a 4-cent increase to 82 cents for first-class stamps on April 9, with the hike slated to take effect July 12 if approved.
- The increase would be the eighth stamp hike since 2021, raising prices about 34% as USPS tries to address mounting losses from declining mail volume and high costs.
- The Postal Regulatory Commission will review the proposal as USPS also moves ahead with an 8% package shipping increase and seeks pension relief to avoid running out of cash.
The United States Postal Service proposed raising the price of a first-class stamp by 4 cents to 82 cents, the agency said April 9 as it seeks to improve its dire financial situation.
ճwill be reviewed by the Postal Regulatory Commission, an oversight body, and if approved, will go into effect July 12. It would be the eighth stamp price hike since 2021, an increase of about 34% over that time,.
The proposal comes soon after the agency said it plans to implement later this month an8% price increaseon package shipping to offset rising transportation costs.
The recent price increases on mail and shipping reflect the postal service’s efforts to get out of a long-term and increasingly urgent financial crisis brought on by declining mail volumes, exorbitant operating costs and burdensome pension requirements. Postmaster General David Steiner has said that the agency is at risk ofrunning out of cashas early as next year.
RELATED:Amazon, USPS Strike New Agreement on Package Deliveries
Earlier April 9, the PRC passed a separate waiver that would lift certain pension funding requirements for the agency, potentially freeing up to $15 billion through 2030 to provide the postal service “some breathing room and flexibility to repurpose revenues that it would have used for retiree benefits to execute its contingency plans to avoid running out of cash,” the PRC said in aApril 9.
