Every Alaska Resident Will Collect $556

Every man, woman and child in Alaska will receive a check for $556.26 just for living there, thanks to the state’s annual share-the-wealth program, it was announced Friday.

Nearly $296 million will be distributed to Alaska’s permanent residents, the state Revenue Department said. The first checks will be printed Monday and staggered mailings will start next week.

Alaska’s oil-fueled economy has been hard hit by the world oil slump and the state budget has been cut, but this has not affected Alaska’s cash giveaway program.

A percentage of all the state’s oil revenues is placed in the Permanent Fund, which holds $7 billion. It was created to make Alaska solvent when the oil runs dry.