In some companies, they do have policies like that. But let's hope it will not be implemented seriously. Before doing that, let me ask you whether you have done competency mapping for the team, filled the skill gap by giving required training, etc. Mistakes may not only happen due to the employees; mistakes may arise from wrong customer inputs, incorrect inputs from the team manager, and so on. Therefore, instead of targeting any individual, the focus should be on the team.
Many companies conduct Why-Why analysis for any mistakes that occur, provide immediate solutions, take corrective actions to prevent future occurrences, identify the responsible party, and even go as far as reducing the performance pay for the particular team if the cost of correction exceeds a certain percentage of the total project cost. There are many aspects to consider in this process. You can't hold the employee as a scapegoat. Please discuss with the team managers to understand the types of mistakes happening, compile a list of past mistakes and the reasons behind them, etc. This will put you in a position to draft the policy. Draft it in a way that does not adversely affect the business or the employees. Good luck.