How often should HR Policies and Procedures be reviewed? How do we keep it fair for the employee and the company?

It is suggested to review the HR Policies & procedures on a Half-Yearly Basis & need based too. But, there should be defined periodicity for reviewing the current policies in-line with market / region. If you participate in the market survey, you can enlighten the knowledge & it would help you to suggest the changes to the management which will be benefited to the employee & employer (More Benefits with less cost or alternate for the existing benefits). Moreover, we should keep the regional / applicable labour laws in mind. If the employer is providing more benefits than the labour law requirement, then the benefits cannot be withdrawn. So before amending we should keep all these aspects in mind.

Hope this would add value to your question!

Thank you,

by justices with all and do fair rules as per labor law on same country

Ideally speaking, an HR Policy & Procedures Manual must be reviewed atleast once every year to incorporate changes which might have happened in the country's Labour Laws as well as internally within the company during that period. Interim changes may also be updated as a new version mid-way through the year.

HR policies should be revised yearly, or as per changes in the decision of the management  or as per the changes in the local law.