The pioneer generation package is a long term commitment to take care of the elderly for as long as they are around, Minister for Social And Family Development Chan Chun Sing said on Tuesday.
"It's not just one year and that's it. It'll last five, 10, 20 years, even more, so long as they're with us," he said.
The package - meant to help seniors with health-care costs - will help lift the burden of taking care of the pioneer generation from the younger generation as well, he told some 600 Tanjong Pagar GRC and Radin Mas residents and grassroots leaders at their annual Chinese New Year dinner.
Prime Minister Lee Hsien Loong will unveil details of the package on Sunday.
At the dinner, Mr Chan also told guests that his fellow Tanjong Pagar GRC MP and former prime minister Lee Kuan Yew had told him on Monday that he had really wanted to be at the event, and had asked him to wish the residents a happy Chinese New Year and good health.
Mr Lee, 90, has been in Singapore General Hospital since Sunday with a fever and a bad cough caused by an infection, and is currently on antibiotics and recovering. He has been advised by his doctors to avoid public appearances, his press secretary said in a statement.
It is the second consecutive time he has missed the dinner, which he had made a point of going for over the years.
Tanjong Pagar Community Club Management Committee secretary Rita Chow said: "I know Mr Lee likes to join us at these events. Everybody wishes he could attend, people are always happy to shake his hand.
"But we understand, for his age, he cannot be as last time. We wish him good health and a long life."
Other Tanjong Pagar GRC MPs at the dinner were Ms Indranee Rajah, Dr Lily Neo and Dr Chia Shi-Lu; and Mr Sam Tan, the MP for Radin Mas.