Starting January 1, Heisei 16, the revised Labor Standards Act will go into effect.
Literal
Heisei 16-year January 1st [from-から], revised Labor-Standards-Act [subject-が] is-enacted.
A legal announcement. 施行される (go into effect/be enacted) is the standard legal term for laws taking effect. 改正労働基準法 is a dense legal compound: 改正 (revised) + 労働基準法 (Labor Standards Act). 平成１６年 (Heisei 16 = 2004) uses the Japanese era calendar. Full-width numerals are standard.