Acting Minister for Culture, Community and Youth Lawrence Wong on Tuesday announced a new national High Performance System (HPS) for elite sports and athletes.
It will build on the Olympic Pathway Programme, which was launched in 2009 and identified potential medallists for last year's London Olympics.
The new scheme will offer Sports Excellence Scholarships to selected athletes, giving them monetary and non-monetary assistance that will encourage them to train full-time.
The Straits Times first reported news of this scheme earlier this month.
Said Mr Wong: "The Singapore Sports Institute will work with the respective national sports associations to select the best athletes, and through the HPS, give them a lot more comprehensive support for their training."
He will chair the steering committee with 10 other representatives, including Minister of State for Trade and Industry Teo Ser Luck.