Tens of thousands of permanent Alaska residents are anxiously awaiting the distribution of profits from Alaska’s Permanent Fund (PFD), a revenue distribution system that deliver stimulus checks to residents the state’s oil industry known as “the last frontier.”
The Alaska Permanent Fund (PFD) is a flagship institution in the northernmost state of the United States. This program, which was created in 1976, has been a cornerstone in the economic lives of Alaska residents, providing a steady source of additional income each year.
In the month of August 2024, the Permanent Fund Dividend will offer a payment of $1,312 to those residents who meet the established requirements. This distribution is a reflection of the state’s continued commitment to redistributing the wealth generated by Alaska’s natural resources.
What is the Alaska Permanent Fund Dividend (PFD) Program?
The Alaska Permanent Fund is a public investment mechanism that was established for the purpose of managing and distributing revenues earned from the oil industry in Alaska. Since its year of establishment, the fund has been growing considerably, becoming a symbol of economic sustainability for Alaskans, and thanks to the thriving local oil industry.
The real value of this fund lies in its ability to ensure that the economic benefits derived from oil and gas are shared equitably among all residents of the state, and this system has no equal in the rest of the United States.
Over the years, the amount distributed through the PFD has varied depending on income generated and investment decisions.
On average, Alaska residents have received about $1,100 annually since the first payment was made in 1982. However, there have been years where dividends have exceeded $2,000, and others where the figure has been less than $1,000. These payments not only represent a cash injection for Alaskan families, but have also been critical to the local economy, especially in rural areas where access to economic opportunities may be limited.
The objective of the PFD is twofold: on the one hand, it seeks to compensate residents for the use of natural resources that are property of the state and, on the other, it aims to promote long-term economic stability, ensuring that future generations also benefit from Alaska’s natural resources.
The Average PFD Stimulus Check Every Year
Since the creation of the Alaska Permanent Fund (PFD) in 1982, annual payments to residents have varied depending on the income generated by the fund’s investments and state policies. Below is the average payment per year from its inception until 2023:
- 1982: $1,000
- 1983: $386.15
- 1984: $331.29
- 1985: $404.00
- 1986: $556.26
- 1987: $708.19
- 1988: $826.93
- 1989: $873.16
- 1990: $952.63
- 1991: $931.34
- 1992: $915.84
- 1993: $949.46
- 1994: $983.90
- 1995: $990.30
- 1996: $1,130.68
- 1997: $1,296.54
- 1998: $1,540.88
- 1999: $1,769.84
- 2000: $1,963.86
- 2001: $1,850.28
- 2002: $1,540.76
- 2003: $1,107.56
- 2004: $919.84
- 2005: $845.76
- 2006: $1,106.96
- 2007: $1,654.00
- 2008: $2,069.00
- 2009: $1,305.00
- 2010: $1,281.00
- 2011: $1,174.00
- 2012: $878.00
- 2013: $900.00
- 2014: $1,884.00
- 2015: $2,072.00
- 2016: $1,022.00
- 2017: $1,100.00
- 2018: $1,600.00
- 2019: $1,606.00
- 2020: $992.00
- 2021: $1,114.00
- 2022: $3,284.00
Payment of Stimulus of $1,312 in 2024 in Alaska
The August 2024 payment of $1,312 has become a topic of great interest among Alaska residents… every extra buck is welcome in every American household. This amount will be distributed on August 15 to those who qualify and have not yet received their 2023 PFD payment.
For many households, this annual dividend is more than just a bonus; It represents an opportunity to cover essential expenses such as food, housing and medical care, especially in times of economic uncertainty.
The PFD has proven to be particularly valuable during periods of recession or economic crisis. Its ability to provide additional income helps cushion the impact of financial hardship on households, allowing families to maintain a decent standard of living.
Application Process and Requirements
Applying to receive the Permanent Fund Dividend is a process that requires attention to detail and compliance with several requirements. Applicants must demonstrate continued residency in Alaska, meaning any extended absence from the state must be excused under program rules. Additionally, maintaining a clean criminal record is essential to ensure eligibility.
August 7, 2024 is the deadline to confirm eligibility status and ensure the application appears as “Eligible – Unpaid.” Those who do not complete this process in time could face delays in receiving their payment or, in the worst case, disqualification for the current year.
The Alaska Permanent Fund Corporation manages this process, and each year strives to improve the efficiency of the system to ensure payments are distributed in a timely and accurate manner. Although the process may seem complex, for many residents, the effort is worth it given the positive impact this dividend has on their lives.
