Alaskan citizens are set to receive a financial boost this May in the form of a once-off $1,700 payment that is expected to reach the bank accounts of thousands on May 15, 2025. The payout is part of the Alaska Permanent Fund Dividend (PFD) which is a benefit unique to Alaskans who will receive a share of the state’s oil and gas revenues. Included in the 2025 dividend is the standard annual payment as well as a special energy relief bonus that is meant to help residents cope with Alaska’s high cost of living. Alaskans need to know who is on the list to receive these payments.
Understanding the Alaska Permanent Fund Dividend (PFD)
The Permanent Fund Dividend (PFD) refers to a program that has been in existence since 1982 which sees a portion of the state’s oil income going directly to qualifying residents. The program is managed by the Alaska Permanent Fund Corporation, originally created in 1976 and based on the premise that Alaskans would benefit directly from the exploitation of the state’s vast natural resources.
The total benefit per eligible individual is $1,702 which is a 30% increase from previous year amounts and is made up of:
- $1,403,83 which is the primary dividend payment.
- $298,17 an Energy Relief payment to allow citizens to keep up with rising utility costs.
Since Alaska is one state where heating bills and energy costs are high, particularly in rural communities, this once-off payment is rather handy for many households.
When will the $1,702 payment be received?
Alaska Department of Revenue states that all residents whose PFD application status shows, “Eligible-Not Paid” by May 7, 2025, will receive their payment on May 15, 2025. All payments will be deposited directly or mailed via check as per the applicant’s preference at the time of filing.
All Alaskans should check their application status via the myPFD portal to ensure that their banking and mailing information is updated.
The process of checking payment status
Citizens wishing to check their eligibility for the May 15 payout should:
- Log in to the myPFD portal using their myAlaska credentials.
- Click on “Application Status”.
- Look out for a status stating “Eligible-Not Paid.”
Citizens whose applications are marked “Eligible-Not Paid” by May 7, will receive their May 15 payment. Should there be missing documentation or issues, the portal’s guidance should be followed to resolve these issues. It is also vital for citizens to understand how PFD payments are calculated.
Who is eligible for the $1,702 payments?
Eligibility for the 2025 PFD is determined mainly by residency status and legal requirements. The following criteria can be used to determine eligibility:
- Residency: Those who are permanent residents of Alaska for the 2024 calendar year and who wish to remain in the state indefinitely are eligible to receive payments.
- Physical presence: Residents ought to be physically present in Alaska for a full 72 hours during the past two years to be eligible.
- Criminal records: Alaska citizens must be free from any felonies or more than two misdemeanor convictions since 1997 to be deemed eligible.
- Application period: All applications should have been submitted between January 1 and March 31, 2025.
All those citizens who meet these criteria can expect to receive the energy bonus and the regular PFD which will be a $1,702 payment.
The importance of boosting the local economy
While it does seem like this payment assists individual households, it also plays a role in boosting the local economy. Due to the influx of cash in May, there is a rise in consumer spending which helps local businesses and supports economic activities throughout the state.
While there are growing concerns about energy costs in Alaska more so since inflation affects the cost of utilities and fuel in rural areas, the Energy Relief Payment comes in rather handy. Irrespective of how Alaskans choose to spend the funds they receive from the PFD benefit, it remains a payment worth looking out for. Citizens should check their PFD status so they can ensure they receive their payments on May 15, 2025. Citizens should also be aware about the 2 secrets that banks don’t share so they understand what could happen to their expenses.
