The formation of HR Policies is a critical process and you have to build an Organisation and its culture forever. You must understand the Business need fist and then develop future policies.
Further to it, you are also talking about the compliance part, it is better to suggest your employer to keep an Expert / Advisor for some time to support you for such an important assignment.
Sometimes the consequences of the small mistakes are irreparable.
24th June 2019 From India, Delhi