Scotland's flagship youth volunteering programme will be known as Project Scotland and fits many elements of the US-based AmeriCorps programme.
The scheme, whose working title was Scotscorps, will be run in partnership with government, business and the volunteering sector, and will start next spring.
Young people will be able to contribute to their community for periods of three to four months per year, and will be given a living allowance.
Volunteers who have completed a placement will be able to apply for further grants for help with education or business funding.
The Russell Commission was formally launched on Monday and announced its 15-member advisory group, including Volunteering England's head of research, Justin Davis-Smith, and Georgina Watts, chief executive of Youth Action Network. CSV's Dame Elisabeth Hoodless is not in the group.
One of the scheme's founding corporate partners is Scottish Power, whose chief executive, Ian Russell, is leading the commission to formulate an equivalent youth programme in England and Wales.