Prime Minister Goh Chok Tong took time after Saturday's poll to showcase new members of his governing team, saying he would reshuffle the cabinet before the end of the month.

He also confirmed he would step down before the next poll, in 2007.

Mr Goh said ministers would soon announce the make-up of a special "economic committee" to reassess all economic policies. The city-state is mired in its deepest recession in more than 30 years.

At a press conference called in the early hours of yesterday, the Prime Minister also signalled he would push for wage cuts to contain costs.

"The victory was decisive but we accept it with humility," he said. "It is not a time for us to rejoice."

On Saturday, the PAP won 27 of the 29 seats that were up for grabs, taking its tally in the new Parliament to 82.

Fifty-five seats were contested only by the PAP and went straight to Mr Goh's party with no vote being held.

Encouragingly for the Prime Minister, the PAP boosted its share of the vote by 10 percentage points to 75.3 per cent. It was the ruling party's most comprehensive electoral performance since 1980, and its third-best showing to date.

Twenty-one years ago, the PAP claimed 77.7 per cent of the vote, while 1968's 86.7 per cent remains the party's electoral highpoint.

In one of the few specific initiatives to be announced yesterday, ministers said they would press for a meeting of the National Wages Council within weeks.

The council is a tripartite body made up of representatives from the unions, business leaders and the Government.

It issues recommendations about pay awards. Although its advice is not mandatory, it is followed by almost all companies.

"We've got to try to bring costs down to save jobs," Mr Goh said. "That would include wage-cost adjustments in the coming months. I would say downward adjustments in order to save jobs."

During the campaign the PAP - which has been in power since 1965 - argued that with the poor economic outlook, it had the best team to run the country.

Mr Goh singled out two of the party's 25 new faces - former civil servants Tharman Shanmugaratnam and Khaw Boon Wan - as having ministerial potential.

"If I may use a metaphor, we are in the same boat called RSS Singapore," he said.

"And this is the No 1 task for me and my colleagues - how to ensure that there will be a smooth transition in renewing officers and captains."

Mr Goh is expected to hand over the reins to Lee Hsien Loong, son of Senior Minister Lee Kuan Yew.

As the Prime Minister left Singapore yesterday to attend a summit of regional leaders being held in Brunei, his opponents tried to come to terms with their resounding rejection.

However, at least one challenger, independent Ooi Boon Ewe, was relieved that he had not suffered a more decisive defeat. With 16.5 per cent of the vote in Joo Chiat, he was able to reclaim his S$13,000 (HK$55,000) electoral deposit.

He had taken the funds from his youngest son's savings account.

"Get back money," Mr Ooi cried to reporters when the contest was over.