The PNG Olympic Committee (PNGOC) said 99 percent of payments have been made, at a cost of close to K4 million.
Out of 500 athletes, 495 of them have been paid.
PNGOC received funding from the PNG Government for the payments in early September and has since been processing these for athletes who won medals.
The remaining one percent, five athletes, are yet to sort arrangements with their sports on agreements and contracts covering them under their programs.
PNG won a total of 217 medals - 88 gold, 69 silver and 60 bronze.
Athletes received K20, 000 for winning gold regardless of whether they competed as individuals or a team, K10, 000 for silver and K5000 for bronze.
Athletes that did not win medals received incentives of K2 500.
The government put aside K5 million to cover the costs of all the medal winners.
The incentive payments are reward to the athletes for their sacrifice and success and an opportunity for the athletes to use their funds to pursue their personal goals.