"Functions will be organised across the country to hand over cheques for the first month's pension to retired Test cricketers and umpires on the same day and same time," the BCCI said in a statement.
The functions would be held at New Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Kanpur, Jaipur, Indore, Baroda, Chandigarh and Pune.
The scheme would initially cover between 150 to 175 former Test players and umpires who stood in the Test matches with each to be paid Rs 5000 per month as pension.
The Board's working committee at its meeting on February 28 had decided to start the pension scheme for retired Test players and umpires as part of the programmes to commemorate its Platinum Jubilee.
The pension scheme would continue for the rest of the lives of players and umpires.
On this occasion the Board has also made arrangements for recording the feelings of former Test cricketers and umpires in representing the country.
The Board has also announced a medical cover scheme for players and umpires who are suffering for terminal illnesses with a total coverage of Rs 3 lakh.
The Board said that in case any retired player or umpire was unable to attend the programme on May 21, a Board representative would visit his residence the same evening to hand over the cheque.