Singapore deputy premier Heng steps down ahead of May 3 election
By: Justina T. Lee
(Bloomberg) — Singapore Deputy Prime Minister Heng Swee Keat, a former heir apparent for the top job, is stepping down ahead of a general election on May 3.
'I've decided not to run in the upcoming election as I believe now is the right time to make way for a new team of capable individuals who are well-placed to serve Singapore,' Heng said in a Facebook post on Wednesday.
Heng bowed out as the designated successor to then-Prime Minister Lee Hsien Loong in 2021, saying that he would likely be too old to take over when the Covid pandemic is over. The surprise move upended the government's long-telegraphed succession strategy after Lee signaled he would delay plans to step down before his 70th birthday in February 2022 to ensure the country was in 'good working order.'
Lee's administration chose Lawrence Wong as the new leader of the so-called fourth generation team in April 2022 and he was sworn in as premier in May 2024. The upcoming election will be Wong's maiden poll as premier in an era fraught with geopolitical tensions and cost-of-living concerns top of mind for the electorate.
Heng headed the central bank for six years and joined politics in May 2011, where he rose through the ranks to become deputy prime minister and finance minister. He's known as a diligent, business-friendly technocrat and was back at his job as finance minister three months after suffering a stroke during a cabinet meeting in 2016.
Heng's multi seat constituency eked out a win by 6.8 percentage points - a narrow margin by Singapore standards - in the 2020 election.
—With assistance from Philip J. Heijmans.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
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