The human resource policy in my opinion must be in accordance of the standing order and law. With the new wages code bill on the horizon we must all change the policies in accordance with the new changes. Legally speaking the policy must state the following things:
Classification of Workmen or Employees
Issue of Identity Card and Access Control
Working Hours
Holidays and Leaves
Attendance and late coming
Payment of wages
Stoppage of work
Termination of employment
Disciplinary action for misconduct
Suspension Of Employee e.t.c must be mentioned please see this
Drafting of HR policies in line of Industrial Dispute Standing Order
Also, now sexual harassment act is also very important see this
Key points to remember while drafting Sexual Harassment Policy