Alaska Permanent Fund Dividend pay out
Alaska Permanent Fund Dividend provides yearly payments to residents of the US State of Alaska. The payment scheme for residents in the state of Alaska has been providing funds since 1982. The current payment is $992.
How did this come about?
Alaska discovered large oil reserves soon after it became a state. Therefore the fund was set up to protect the future wealth of the state, and to ensure this was secure it was written into the Alaskan constitution.
How does the scheme work?
An investment company, the Alaskan Permanent Fund Corporation (APFC) manages the funds. Some of the profits are divided equally among all citizens (with some exclusions) in yearly payments which must be applied for each year. The amount paid varies according to the performance of the fund. So the Alaskan Permanent Fund Dividend comes from the investment fund.
Who is eligible to receive it?
All citizens who have been resident for the year before the payment and who intend to remain in Alaska indefinitely. Children of eligible parents also receive a payment. Those who have been incarcerated or convicted of a felony are not entitled to a dividend.
But not all countries are oil rich, how could this be achieved elsewhere?
According to Karl Widerquist of the campaign Basic Income, the model could be used elsewhere;
If that… works for Alaska’s oil, why not Maine’s fisheries, South Africa’s diamonds, Hong Kong’s real estate, Oregon’s forests”