From April, the allowances will be raised by between $50 and $150.
Current allowances range between $1,300 and $1,900, but this will increase to between $1,350 and $2,050.
This is the second round of enhancements to the PCP following the increase in monthly training allowance and introduction of a career transition bonus in 2014.
From September, mid-career professionals can also apply for the Singapore Institute of Techonology's (SIT) new full time four-year degree programmes in physiotherapy, occupational therapy and diagnostic radiography.
Trainees selected for the degree programmes will receive allowances of $2,100 to $2,420 each month, depending on their prior work experience, and a one-time bonus of $2,000 upon graduation.
These programmes will replace Nanyang Polytechnic's three-year diploma programmes for the same areas of study, which took in their last batch of students in April 2015.
Since 2003, over 1,000 people have made the mid-career switch to the healthcare sector.
Dr Amy Khor, Senior Minister of State for Health and the Environment and Water Resources, said the changes "are aimed at enabling more mid-career professionals to join the healthcare family".
"With an ageing population, we need to train and recruit more nurses, therapists and radiographers," she said at the sidelines of a healthcare career preview for mid-career professionals at SIT on Saturday. Another preview will be held from 8.30am to 1pm on Feb 20 at the Academic Plaza in SITs Dover campus.
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