AMERICANS in one US state are set to receive generous checks worth just over $1,700 from next month.
More than 600,000 people are set to benefit from the hefty payouts.
People line up at the Permanent Fund Dividend[/caption]
The PFD is one of the biggest sovereign wealth funds in the world[/caption]
Alaska’s Permanent Fund Dividend (PFD) remains one of the most generous welfare support programmes in the United States.
It was set up in the 1970s to ensure that the state’s natural resource revenue would be shared among its population.
The PFD has ended up as one of the biggest sovereign wealth funds in the world, according to Futbolete News, worth more than $80 billion.
Alaska has long sought to balance its payments with its potentially volatile oil revenue.
But this year’s payments are set to be typically plentiful, with recipients due to receive as much as $1,702.
Alaskans are eagerly waiting for when the cash will land in their accounts as the chilly northern winter draws near.
A first round of payments will go out October 2, 2025.
This will be for filed their claims online and opted to get the money through a bank deposit.
The next batch of payments will come on October 23, 2025 for those who chose to get paper checks.
After this, Alaska will continue to send out money to those subsequently found to be “eligible for payment”.
In order to claim PFD money, residents must meet three key criteria.
Anyone who wants the cash must be a legal Alaska resident and plan on staying in the state forever.
They must also have been in Alaska for at least 72 hours in a row in each of the past two years.
Alaskans also cannot claim residency in another state or location over the last two years either.
The deadline to file for the upcoming round of payments was March 31, and those who missed it must wait for the next window.
Anyone with convictions and felonies is ineligible for the cash.
Alaska PFD vs stimulus
The PFD payment is a bit different than the stimulus check Americans received during the pandemic.
The PFD is made to residents of a specific region from the earnings of a permanent or sovereign wealth fund.
Alaska has a sovereign wealth fund called the Alaska Permanent Fund, established in 1976.
It is funded mainly through the revenue produced from Alaska’s oil and gas reserves.
Every year, part of the funds are distributed to Alaskan residents as dividends.
