Automatically change the contract parameter date every year

Hi experts,

The date parameter of the contract needs to be updated every year with same day and month but with current year running.

For example the effective date of the parameter is 3/1/2022 .Once the year is completed and the same date has reached the contract should be able to update dates automatically to 3/1/2023.

Can you please advise if this is possible .and if it is can you please guide through what should be done to achieve this