A release said the award would be presented on the occasion of National Press Day on November 16 every year.
This is the first government has introduced the scheme.
The release said the Lt Governor had approved it. One journalist and a photo journalist would be given the award. A memento would be presented every year under the scheme.
Necessary procedures to select the journalists were also laid down and the notification relating to the scheme would be published in the State Gazette shortly, it said.
The scheme for grant of assistance was proposed some 12 years. The notification said mediapersons had requested simplification of procedures for sanction of pension by amendments to the notification in January 2003.
With the scheme now being revised, the assistance would be granted soon to mediapersons.