SINGAPORE -- Singaporean Prime Minister Lee Hsien Loong said he will relinquish the office on May 15, according to a statement issued by the Prime Minister's Office (PMO) Monday.

Lee will formally advise the country's president to appoint Deputy Prime Minister and Minister for Finance Lawrence Wong to succeed him, said the statement.

Wong has the unanimous support of the Members of Parliament of the ruling People's Action Party, said the statement.

The new prime minister will be sworn in at 8 pm on May 15 at the Istana, Singapore's presidential palace.

On social media after the PMO statement was issued, Lee also called on the Singaporeans to support Lawrence Wong and the fourth-generation leadership team (4G team).

"Lawrence and the 4G team have worked hard to gain the people's trust, notably during the pandemic. Through the Forward Singapore exercise, they have worked with many Singaporeans to refresh our social compact and develop the national agenda for a new generation," Lee said in his Facebook post.

The new leadership is committed to keeping Singapore working well and moving ahead, which are always top priorities for the government, Lee stressed.

"I ask all Singaporeans to give Lawrence and his team your full support, and work with them to create a brighter future for Singapore," Lee said.

Lee announced his intention to hand over the power as prime minister last November.