Prime Minister Lee to Handover Leadership before November 2024

On November 5, Prime Minister (PM) Lee announced his intention to step down as the country’s third prime minister before November 2024, ending months of speculation over the succession. This will be Singapore’s first change of Prime Minister in 20 years. Addressing more than 1,000 members of the People’s Action Party (PAP) at its convention, PM Lee said that “if all goes well, I will hand over by PAP’s 70^th birthday next year.”
 
Handing over to Deputy Prime Minister (DPM) Wong before the General Elections, scheduled for no later than November 2025, would mean that DPM Wong will be leading the party in the campaign, allowing him to win his own mandate. In spite of the setbacks faced this year, PM Lee said that DPM Wong and the 4^th Generation (4G) leaders have been preparing well to take the helm and are setting the national agenda through new initiatives such as Forward Singapore. In a speech at the same convention, DPM Wong acknowledged the key challenges that the country and the party are facing and expressed his readiness for his next assignment.
 
Analysts believe that transferring leadership before the next general election is a “bold move”. Some say they do not expect it to significantly impact political stability, with President Tharman Shanmugaratnam serving as the head of state and with DPM Wong leading the Government. However, the PAP will still need to address the challenges of rising living costs, increasing Goods and Services Tax (GST), and the rising minimum effective tax rate for companies. DPM Wong stated that he will take a consultative leadership approach and remain open to diverse ideas. In the meantime, the remaining 3^rd Generation (3G) leaders will continue mentoring new candidates. Companies can expect a smooth transition, with an increased focus on inclusivity.
 
PM Lee has held the premiership for almost two decades. He initially intended to retire before turning 70, but the decision was shelved to oversee Singapore’s policies during and after the pandemic. Nevertheless, few expect the current Prime Minister to retire from national politics altogether. It is possible that he will serve as Senior Minister after stepping down, noting the past precedence of the two Prime Ministers that came before him. DPM Wong was tapped in April 2022 to lead the 4G party leaders after DPM and Coordinating Minister for Economic Policies Heng Swee Keat stepped aside.