The list of Cabinet ministers and other office holders was announced on 25 July 2020. In a press conference, Prime MinisterLee Hsien Loong said, "I'm rotating the ministers, especially the younger ones, to gain exposure and experience. We regularly do this during Cabinet shuffles, and the intent is to expose the office-holders to different portfolios to gain both breadth and depth to understand the intricacies of the issues, and to see things from different perspectives."
On 8 April 2021, Heng Swee Keat had announced that he was stepping aside as the 4G Leader citing "age" and "health" concerns. He also stated that he would relinquish his finance portfolio in the upcoming Cabinet reshuffle. As such, a Cabinet reshuffle occurred on 23 April 2021 where Lawrence Wong was announced to take over Heng Swee Keat as Finance Minister. 6 other Ministers were also rotated. Heng however continued to stay on as Deputy Prime Minister as well as Coordinating Minister.
On 14 April 2022, Lawrence Wong was selected as the next 4G Leader, succeeding Heng Swee Keat. Thus a Cabinet reshuffle was announced on 6 June 2022 and carried out exactly a week later on 13 June 2022 where Lawrence Wong was promoted to Deputy Prime Minister and Acting Prime Minister in the Prime Minister's Absence. Lawrence also assumed responsibility of the Strategy Group in the PMO from Heng Swee Keat.