Singapore Prime Minister Lee Hsien Loong on Monday announced he would step down as premier on May 15 and hand over power to his successor Lawrence Wong.

Wong, 51, is currently the deputy prime minister and finance minister of Singapore, and has been prime minister-in-waiting since 2022.

In a statement posted on the website of the Prime Minister's Office, Lee called the leadership transition a "significant moment".

"I will relinquish my role as Prime Minister on 15 May 2024 and Deputy Prime Minister Lawrence Wong will be sworn in as the next Prime Minister on the same day. Lawrence and...team have worked hard to gain the people's trust, notably during the pandemic."

An election is expected to follow in the months after the handover of power.

Lee, whose father was the island state's founder Lee Kuan Yew, has served as prime minister of Singapore and leader of the ruling People's Action Party since 2004. (Agencies)