Singapore's Prime Minister's Office (PMO) made an announcement Tuesday over a cabinet reshuffle to promote Heng Swee Keat as the city-state's deputy prime minister starting from May 1.

Heng will retain his current post as the Minister for Finance, and continue to chair the country's Future Economy Council and National Research Foundation. He will also become the Acting Prime Minister in Prime Minister Lee Hsien Loong's absence.

Meanwhile, Teo Chee Hean and Tharman Shanmugaratnam will retire from deputy prime minister posts, but they will remain in cabinet and be appointed senior ministers, according to the announcement.

Teo will continue as Coordinating Minister for National Security, and Tharman will be redesignated as Coordinating Minister for Social Policies and continue to advise the prime minister on economic policies.

Other members in the Prime Minister's Office include Khaw Boon Wan, Coordinating Minister for Infrastructure, as well as Ng Chee Meng and Indranee Rajah who are Ministers of PMO.

In a Facebook post, Lee Hsien Loong said the changes are part of the ongoing leadership renewal.

He wrote: "The next generation leadership is taking shape, and progressively taking over from me and my older colleagues. The team is working closely together, building up public trust and confidence in their leadership."

"I ask all Singaporeans to support them, and work together to secure a bright future for Singapore," he added.

Singapore last saw a big cabinet change in April last year, when more younger ministers began to shoulder heavier responsibilities.